Kraken Challenges US Authorities’ Cryptocurrency Oversight, Following Coinbase
Cryptocurrency exchange Kraken is challenging a probe by the IRS relating to the tax reporting of its users. The IRS is investigating whether there are users who are underreporting their tax payments. Kraken's decision to narrow the scope of the investigation is a sign of crypto companies in the United States fighting back against what they consider to be unfair scrutiny. Coinbase is another exchange that has proven to be tough when it comes to scrutiny and is currently in a battle with the SEC. U.S. authorities' moves have irked the crypto community, who think that it is an overreach, and taxation and KYC remain some of the biggest concerns for authorities in the United States.
Gibraltar Court Orders Crypto Wallet Freezes as Investigators Probe Failed Trader Globix: FT
Several crypto exchanges, including Crypto.com, Bitstamp, Kraken, and Binance, have been ordered by a Gibraltar court to cooperate with the liquidators of crypto trader Globix, who are seeking to track $43 million that went missing. The exchanges have been ordered to identify the owners of suspect wallets and Binance has been ordered to freeze transfers. Gibraltar has been seeking to become a crypto hub, housing spot trading services for the Huobi exchange and ZUBR, a subsidiary of collapsed crypto exchange FTX. The crypto trader stopped receiving investments in June amid crypto market turmoil and filed for liquidation last month.
The Shanghai Upgrade Could Spark Decentralization In Staking As Big Guns Are Forced To Step Back
The recently implemented Shanghai upgrade in the Ethereum blockchain allows validators to access their staked assets and rewards. However, the SEC and CFTC are increasing their scrutiny of the staking arm of digital asset companies, leading to concerns about centralization. Over 30% of staked ETH is facilitated by exchanges, but regulatory actions against Kraken, Coinbase, and Binance regarding their staking activities have raised concerns. Some commentators argue that the SEC's actions are attempting to make staking completely decentralized, where users deal directly with the protocols without staking pools.
Kraken Withdraws 330k ETH Amid Regulatory Pressure – Deposits Outpace Withdrawals in Staking Race
Kraken is leading the second wave of full-staked Ethereum (ETH) withdrawals, according to Nansen’s dashboard.
Texas Passes Bill Requiring Cryptocurrency Companies to Prove They Have Enough Assets
The bill's provisions share similarities with the proof-of-reserve reports that prominent exchanges like Coinbase, Binance, and Kraken already produce.
Kraken Secures Virtual Asset Service Provider (VASP) Registration in Ireland
Kraken said the approval shows that it adheres to strict anti-money laundering and terrorism financing rules.
Kraken Receives Virtual Asset Service Provider Authorization in Ireland Ahead of MiCA Vote
Payward Europe Solutions, an Irish subsidiary of Kraken registered in Dublin, was awarded virtual asset service provider (VASP) authorization from the Central Bank of Ireland on April 18.
Kraken to Withdraw US$1.17 Bln of Staked Ether in Line With SEC Ruling, Settlement
Kraken has initiated the largest amount of Ether withdrawals since the Ethereum blockchain's Shanghai upgrade that allows such withdrawals. The exchange has registered to withdraw 556,272 Ether worth around $1.17 billion, accounting for 63.3% of all staked Ether in the withdrawal queue. Coinbase and Huobi have also initiated withdrawals, but other than centralized exchanges, there has not been a significant volume of withdrawals. As of 1:30 p.m. in Hong Kong, more than 1 million Ether are in the queue for withdrawal. Despite concerns of a rush to withdraw and cash in the token, CryptoQuant does not expect a flood of Ether sales, as the majority of staked Ether is still holding losses compared to Ether prices when it was staked.
Kraken Set to Unstake More Than $1 Billion Worth of ETH After Shapella Upgrade
U.S. crypto exchange Kraken has initiated withdrawal requests for their stakes following the Shapella upgrade that introduced ether (ETH) withdrawals.
Kraken Leads Ether Unstaking Parade, Makes up 62% of Exit Queue
Ethereum's Shanghai upgrade went live on Thursday, allowing those who have staked their ether to begin the unstaking process. Kraken leads the exit queue breakdown with 62%, according to on-chain data tracked by Rated network explorer. The number of validators in the exit queue has surpassed the 15,000 mark at press time, per Parsec Finance. Kraken's dominance in the unstaking queue is largely expected due to the legal issues it faced with the Securities and Exchange Commission, resulting in a $30 million settlement. The Shanghai upgrade appears to have had a marginal effect on the Ethereum protocol and its token, with only a -0.25% change in staked ether, according to Nansen.ai data. Nansen's data shows that 4.35 million ether, or about 24%, is staked at above $3,000.
