Is Kraken regulated?

Kraken's adherence to regulations assures customers of its compliance with industry best practices, including measures for anti-money laundering and customer protection.

Sep 27, 2024 at 05:06 pm

Is Kraken Regulated?

Yes, Kraken is regulated by several financial authorities, including:

1. Financial Crimes Enforcement Network (FinCEN): Kraken is registered as a Money Services Business (MSB) with FinCEN, the U.S. Treasury Department's agency tasked with regulating entities involved in transmitting, exchanging, or storing value that substitutes for currency.
2. New York State Department of Financial Services (NYDFS): Kraken holds a BitLicense, a comprehensive license for virtual currency companies that requires compliance with various regulatory requirements, including anti-money laundering and know-your-customer (KYC) measures.
3. Canada's Financial Transactions and Reports Analysis Centre of Canada (FINTRAC): Kraken is registered as a Money Services Business (MSB) with FINTRAC, the Canadian government agency responsible for preventing money laundering and terrorist financing.
4. United Kingdom's Financial Conduct Authority (FCA): Kraken is a registered crypto asset business with the FCA, which requires adherence to Anti-Money Laundering (AML) regulations and customer protection measures.
5. Australian Transaction Reports and Analysis Centre (AUSTRAC): Kraken is a registered Digital Currency Exchange (DCE) with AUSTRAC, the Australian government agency responsible for combating money laundering and terrorism financing.

These regulations provide assurance to customers that Kraken operates within legal frameworks and complies with industry best practices, including implementing KYC and AML procedures to prevent illegal activities.