(Feb 23): Crypto exchange Kraken has filed to dismiss the Securities and Exchange Commission’s lawsuit against the firm in a US court, joining peers who have filed similar petitions.
The SEC had alleged that Kraken was running an unregistered exchange and co-mingled customer assets with its own and at times paid expenses from bank accounts that held customer cash.
“The SEC does not have the authority to regulate all speculative investments,” Kraken argued in its motion to dismiss. The SEC’s complaint didn’t claim any fraud or consumer harm, the firm said in a blog post.
Kraken’s move follows its peers including Binance Holdings Ltd, Binance.US and Coinbase Global Inc which have filed similar petitions.
The SEC didn’t immediately respond to an email seeking comment outside business hours.
