Kraken, a popular cryptocurrency exchange platform, is reportedly making changes to its services to satisfy the regulators in Canada. The company, which has been dubbed a “pirate” in the past due to its unorthodox approach to business, is now attempting to work with regulators to ensure compliance with Canadian laws.
Kraken has been operating in Canada for some time, but its presence has been somewhat controversial. The company has been accused of not following the necessary procedures to comply with Canadian regulations, including anti-money laundering and counter-terrorism financing rules. The Canadian Securities Administrators (CSA) has also warned investors about the risks associated with using unregulated crypto trading platforms.
Kraken has responded to these concerns by announcing that it is making several changes to its platform. The company has said that it will be implementing a “know your customer” (KYC) procedure, which will require users to provide proof of identity and address before they can trade on the platform. This is a standard procedure for most regulated crypto exchanges, but Kraken has so far avoided implementing it.
In addition to the KYC procedure, Kraken has also said that it will be partnering with a third-party provider to help it comply with Canadian regulations. The company has not revealed the identity of this provider, but it has said that it will help to ensure that Kraken is following all the necessary procedures.
Kraken’s CEO, Jesse Powell, has said that the company is committed to working with regulators in Canada and elsewhere to ensure that it is complying with all the necessary rules and regulations. He has also said that the company is looking to expand its operations in Canada, which is a growing market for cryptocurrency trading.
It remains to be seen whether these changes will satisfy the Canadian regulators, but Kraken’s willingness to work with them is a positive step. The company has faced criticism in the past for its unorthodox approach to business, but it seems that it is now taking a more mainstream approach to regulation.
In conclusion, Kraken is making changes to its platform to comply with Canadian regulations, including implementing a KYC procedure and partnering with a third-party provider to help it comply. The company’s willingness to work with regulators is a positive step, and it will be interesting to see how this plays out in the coming months.
