Kraken won against Ripple XRP Lawsuit

January 31, 2024 Blockgates Cryptocurrency News Comments Off on Kraken won against Ripple XRP Lawsuit

In this article, we will talk about Kraken, a big cryptocurrency exchange, and its role in a legal case about Ripple Labs and XRP. We’ll see how Kraken worked hard to keep its customers’ private information safe and what this means for people who use cryptocurrencies.

Kraken

Kraken Steps Up in the Ripple Lawsuit

Recently, Kraken got involved in a big court case about Ripple Labs. The court had asked all the cryptocurrency exchanges in the U.S. to give out private trading details and personal info of people who traded XRP from July 2017 to June 2023. Kraken didn’t want to just hand over this information because they were worried about their customers’ privacy. They didn’t want to pick sides in the lawsuit, but they also didn’t want their customers to think they were against Ripple.

The Big Question in the Zakinov vs. Ripple Case

At the center of the Zakinov vs. Ripple case is a big question: Is XRP a security (like a stock) or just a currency? The person suing Ripple, its CEO, and a related company said they were selling XRP in a way they shouldn’t have. In another case, the SEC vs. Ripple, a judge said XRP isn’t a security. Now, everyone is waiting to see if the judge in the Zakinov case will say the same thing.

exchange comparison

Kraken Wins in Protecting Its Users

Kraken really stood up for its users’ privacy. A court decided that the exhange didn’t have to give away its customers’ information. This was a big win for privacy. An expert named Mr. Huber praised Kraken for being the only exchange that really fought to protect its users. Kraken will now tell its customers about the lawsuit against Ripple Labs themselves, keeping their information safe and private.