Kraken CEO compares New York crypto regulator to an abusive ex-partner
Kraken CEO, Jesse Powell, on Twitter has compared New York crypto regulators to that of an abusive ex-partner who continues to stalk the company though they left long ago. Though Kraken left the state of New York 3 years ago, New York still regulates Kraken and its application.
After a point, Powell burst up not able to handle their over-regulation.
“NY is that abusive, controlling ex you broke up with 3 years ago but they keep stalking you, throwing shade on your new relationships, unable to accept that you have happily moved on and are better off without them. #getoverit,” posted Powell on Twitter.
NY is that abusive, controlling ex you broke up with 3 years ago but they keep stalking you, throwing shade on your new relationships, unable to accept that you have happily moved on and are better off without them. #getoverit https://t.co/DC5S1WyRnp
— Jesse Powell (@jespow) September 19, 2018
He posted this in reply to a new report published by the Office of the Attorney General (OAG), New York which allegedly spoke about how his exchange and two other cryptocurrencies are violating crypto regulations.
Like other cryptocurrency exchanges, Kraken also left New York after the state adopted the BitLicense regulatory framework. However, the report called as Virtual Markets Integrity Initiative alleges Powell as his team still serving trades to the residents of New York.
As a part of the OAG’s probe, Kraken received a questionnaire. Kraken saw it as a challenge and loudly questioned the audacity of the investigation, unlike other exchanges that received the questionnaires but didn’t utter a word.
Also, mentioned in the Kraken website were statements that reverted saying that regulators need to show basic respect
“The OAG could not review the practices and procedures of non-participating platforms (Binance, Gate.io, Huobi, and Kraken) concerning manipulative or abusive trading. However, the Kraken platform’s public response is alarming. In announcing the company’s decision not to participate in the Initiative, Kraken declared that market manipulation “doesn’t matter to most crypto traders,” even while admitting that “scams are rampant” in the industry,” wrote OAG in the report.
Image via Shutterstock
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