Despite SEC Troubles, Kraken’s Trading Volume Climbs Double Digits

Kraken’s generated trading volume for the past 24 hours increased by almost 15%.

The surge contrasts with the company’s issues prompted by the recent SEC investigation and the consecutive termination of staking services.

  • Data extracted from CoinMarketCap and CoinGecko revealed that Kraken’s 24h trading volume stands at around $757 million, or a 14% increase.
  • Based on numerous factors, including average liquidity, volume, and Web traffic, the company collects a score of 7.4 (out of 10), making it the third most-trusted crypto platform after Binance (9.9) and Coinbase (7.8). It’s worth noting that this comes from CMC, which is owned by Binance.
  • The latest figures indicate that its performance has not been harmed by the SEC’s recent crackdown, at least for now.
  • The American regulator probed Kraken over possible violation of rules when offering securities as staking services to US consumers. Gary Gensler – SEC’s Chairman – previously urged all cryptocurrency entities to register with the watchdog. 
  • The agency’s actions against staking services forced Kraken to terminate such offerings. The exchange also paid $30 million in disgorgement, prejudgment interest, and civil penalties.
  • Despite the problems, it has not reported any wave of withdrawal requests, hinting that users remain unfazed by the dispute with the American regulator at the moment.
  • However, the news negatively affected the cryptocurrency sector. The global crypto market cap dropped by 4% to 1.07 trillion (GoinGecko’s data), while BTC plunged below the $22,000 price tag.
  • Leading altcoins, such as ETH, BNB, ADA, DOGE, and SOL, have also headed south.

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.