cryptocurrency pledge

According to reports, according to an industry insider familiar with the situation, Kraken has agreed to close its cryptocurrency pledge business to resolve allegations with the United States Securities and Exchange Commission (SEC). Insider: Kraken has agreed to close the encryption pledge business to resolve the SEC’s allegations Analysis based on this information:Kraken, one of the world’s leading digital asset exchanges, has decided to close down its cryptocurrency pledge business. The move comes after the United States Securities and Exchange Commission (SEC) accused the exchange of illegally selling securities without registration. This development marks another instance of regulatory pressure on the cryptocurrency industry, which has been grappling with various legal challenges. The cryptocurrency pledge business is a popular service offered by Kraken that allows users to borrow cryptocurrencies by putting up their digital assets as collateral. The SEC claimed in a cease-and-desist order that Kraken had been operating an unregistered security-based swap platform that facilitated trading in these collateralized loan…