Kraken Is Not Going to Cooperate With NYS Attorney General

April 20, 2018

Co-founder and CEO of Kraken cryptocurrency exchange Jesse Powell said that the exchange is not going to comply with the inquiry of the New York State Attorney General Eric Schneiderman, who sent requests to 13 cryptocurrency exchanges to clarify the details of their activities by filling out the questionnaire.

The head of the US crypto exchange published a statement in his Twitter and called the request insulting. It should be noted, that the relationship between the state of New York and Kraken has been bad for quite some time. In 2015, the exchange lost the licence of the New York State Department of Financial Services BitLicense, that gives the right to operate in the state. For example, Coinbase, Ripple, and Circle have this license. Back then Powell considered the attitude of New York State authorities towards the cryptocurrency industry disrespectful.

Powell said in his statement:

I realized that we made the wise decision to get the hell out of New York three years ago and that we can dodge this bullet. Ordinary, we’re happy to help government understand our business, however, this is not the way to go about it.

Kraken is the first exchange that openly refused to cooperate with the Attorney General.

Representatives of Coinbase, Gemini Trust, bitFlyer USA and other exchanges told CNBC that they will answer the request and will cooperate. Powell believes that the cooperation of the authorities and cryptocurrency exchanges should be different.

Powell continued:

If you want to talk to us, ask us for a phone call, fly yourself out to San Francisco, invite us for lunch at your office. We can tell you which industry groups to join and where to begin your research

He finished his statement by recalling that the exchange decided to leave the state of New York because of the hostile attitude of the state towards the crypto industry. Now, Powell says, this inquiry is a clear sign, that the state is hostile to the business in general.



 

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