Kraken’s transparency report shows an increase in government interference.

The latest Kraken's transparency report shows an increase in government investigations into cryptocurrency holders all over the world. However, the USA was responsible for 61% of the total requests.

According to Kraken’s report, there is a 49% increase in law enforcement investigations into the crypto holders of the platform. Kraken received 710 requests from different governments impacting 1,222 accounts. Kraken tweeted the report saying that the “trend is obvious.”

 

“A steady increase in law enforcement inquiries.”

Kraken, among the top cryptocurrency exchanges in the world, tweeted it’s compliance report of the year 2019, revealing that America still ahead with 61% of total requests, down from 66% last year. The exchange added that the trend is evident, and costs are increasing, even in a relative fiat market. The regulators all around the world are surveilling crypto exchanges quite heavily now. European authorities recently passed a law making anti-laundering laws more strict. This has caused several crypto businesses to shut down.

 

Kraken spent $1 million in handling government requests.

The Chief Executive Officer of Kraken, James Powell revealed that the exchange spent nearly $1 million in handling government requests all around the world. According to the exchange, 28% of all the requests were invalid in 2019 as they did not meet local legal requirements or their internal law enforcement production policy.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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