Despite Getting Into Trouble With SEC, Trading Volume Of Kraken Is Still Very High

The trading volume for the Kraken cryptocurrency exchange has experienced a significant push in the past 24-hours.

The market analysis report shows that the trading volume for the cryptocurrency exchange has been pushed up by almost 15% in the mentioned period.

Given the recent developments with the exchange, it is quite remarkable that the trading volume for the platform has surged tremendously.

Surge Recorded In Contrast with the Ongoing Matter

Just recently, a major issue occupied one of the oldest cryptocurrency exchanges.

The US SEC had reportedly taken the crypto exchange to the court for the solicitation and selling of cryptocurrency staking services.

According to the regulator, the platform was involved in selling unregistered securities to the users. The exchange even offered stake services to the users without having them registered.

However, the cryptocurrency exchange ended up resorting to settling with the securities regulator. It was a win-win situation for the regulator and it even ended up giving away over $30 million to the SEC.

The US SEC had implemented multiple penalties against the Kraken exchange. Therefore, as the exchange resorted to settling the penalties, it ended up paying a huge amount to the regulator.

Unfortunately, the settlement did not finish at the Kraken exchange paying $30 million to the regulator. Instead, the platform was ordered to remove the staking services from its platform.

As per the regulator, Kraken could only offer the staking service to users based in the United States once the respective tokes were registered through the regulator.

As of now, the Kraken exchange has terminated the staking services through its platform. The recent action taken by the exchange has rendered the users unable to perform staking for the cryptocurrencies.

Current Trading Volume Situation of Kraken

CoinGecko has shared statistics about the trading volume registered by the Kraken exchange. The platform has shared the trading volume for the exchange in the past 24-hours.

As per CoinGecko, the trading volume achieved by the exchange is more than $757 million. In terms of growth rate, the trading volume for the exchange has surged by 14%.

Kraken is known for being one of the most prominent and oldest cryptocurrency exchanges in the crypto market. It was founded in the year 2011, two years after the inception of the crypto industry.

The exchange records very high web traffic, trading volume, and average liquidity. Due to these strong features and figures, the exchange has a score of 7.4.

The score accumulated by the exchange makes it the third-largest cryptocurrency exchange in the market in terms of trading volume.

The exchange is only behind Coinbase and Binance, as these exchanges have 7.8 and 9.9 ratings respectively.

Kraken is also among the most trusted and highly advanced cryptocurrency exchanges. The information can be confirmed through CoinMarketCap, which is under the ownership of Binance.

Kraken’s Business is Not Impacted

Despite the recent feud between Kraken and the US SEC, the reputation of the exchange has not been impacted.

Instead, the exchange’s trading volume has surged tremendously following the announcement of the $30 million settlement.

For now, the cryptocurrency community has not reacted against the settlement made by the exchange. It is expected that the cryptocurrency community may react and the trading volume of the exchange may decline.

As of now, the exchange has not witnessed any abnormality in the activity of the users. There are no out-of-the-ordinary withdrawal requests being recorded by the exchange.

This means that the users do not find it problematic that the exchange has settled with US SEC and has paid $30 million.

While Kraken did not take any impact from the recent downtrend, cryptocurrencies did end up facing a downtrend.

The valuation of the entire cryptocurrency industry has plummeted by 4% in the past 24-hours. As of now, the crypto market’s valuation is down to $1.07 trillion.