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The U.S.-based cryptocurrency exchange and bank Kraken received $1.25 million in fines for illegal trading activities.

Kraken now has a fine of over a million dollars because of an incident of illegal trades of margin products. The transaction took place throughout a year’s time from June 2020 to July 2021. During this time, the exchange allowed transactions which are normally off limits to U.S.-based customers.

According to the Commodity Futures Trading Commission (CFTC) Kraken also failed to enlist as a futures commission merchant. Vincent McGonagle the acting enforcement director for the CFTC reiterated the need for registration and regulation. “Margined, leveraged or financed digital asset trading offered to retail U.S. customers must occur on properly registered and regulated exchanges in accordance with all applicable laws and regulations.”

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