The US SEC accuses Kraken of commingling funds and operating an unregistered platform.

According to BlockBeats news on November 21st, CoinDesk reported that the US Securities and Exchange Commission (SEC) accused the cryptocurrency trading platform Kraken on Monday of mixing customer funds with company funds, as well as operating as an unregistered broker, clearing agency, and dealer. The SEC stated that Kraken violated federal securities laws and cited an independent audit report by Kraken, which found that up to $33 billion worth of customer cryptocurrencies were mixed with corporate assets, creating "significant risks". The lawsuit mentioned that Kraken sometimes holds over $5 billion worth of customer cash and also mixes some customers' cash with company cash, sometimes using bank accounts holding customer cash to pay for operational expenses. The allegations in this lawsuit are similar to the reasons why the SEC sued Binance and Coinbase earlier this year.