CFTC hits Kraken with $1.25M in fines over alleged illegal offering

The United States Commodity Futures Trading Commission, or CFTC, is ordering crypto exchange Kraken to pay more than a million dollars in civil monetary penalties related to allegations the exchange is violating the Commodity Exchange Act.

In a Sept. 28 statement, the CFTC said U.S.-based crypto exchange Kraken — operating under the name Payward Ventures — has failed to register as a futures commission merchant and is illegally offering margined retail commodity transactions in digital assets. The order requires the exchange to pay a penalty of $1.25 million and “cease and desist from further violations of the Commodity Exchange Act,” the law under which the CFTC derives much of its enforcement power on commodities and futures trading.

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