Kraken wins $22M as Arjun Sethi blasts Operation Chokepoint 2.0

Kraken's World Cup sponsorship highlights crypto's growing influence in sports, potentially reshaping fan engagement and investment dynamics. The post Kraken’s FIFA World Cup debut gets its spotlight as Switzerland and Colombia battle for quarterfinal berth appeared first on Crypto Briefing.

The post Kraken parent firm Payward pursues legal action after $22M Mazars ‘vindication’ appeared on BitcoinEthereumNews.com. Payward, the parent company of crypto exchange Kraken, has asked the Delaware Court of Chancery to enter final judgment against Mazars USA, moving to collect a $22 million arbitration award it won against the accounting firm that quit its audit in late 2023. A confidential arbitration, decided by a retired judge, produced the award. Kraken now asks the court to make that award enforceable. The dispute began in December 2023 when Mazars audited Kraken’s financial statements for three years and signed two clean opinions. The third audit, covering 2022, was days from completion when Mazars backed out. Mazars explicitly stated, in writing, that it had no disagreement with Kraken’s management, no doubts about the company’s integrity, and had found no fraud. Mazars tied its exit to legal risk, pointing to an SEC enforcement action filed against Kraken weeks before, pr

Kraken has secured a $22 million arbitration award against its former auditor Mazars USA, with co-CEO Arjun Sethi linking the dispute to what he described as Operation Chokepoint 2.0. According to a letter published Tuesday by Kraken co-CEO Arjun Sethi,…

The post Kraken Seeks Delaware Judgment After $22M Arbitration Win appeared on BitcoinEthereumNews.com. Payward, the parent company of crypto exchange Kraken, has won a $22 million arbitration award against former auditor Mazars USA and asked the Delaware Court of Chancery to enter judgment on the award, according to a letter published Tuesday by co-CEO Arjun Sethi. Payward said Mazars withdrew from the exchange’s nearly completed 2022 audit despite finding no fraud, raising no concerns about management’s integrity and reporting no disagreements with the company. “An audit is not a favor. It is oxygen,” Sethi wrote, arguing that independent audits are essential for obtaining banking services, licenses and other business relationships. Sethi said Mazars’ resignation was part of what he described as Operation Chokepoint 2.0, a broader campaign that pressured banks, auditors and other institutions to cut ties with lawful crypto companies. The letter cited a series of regulatory developmen

The post Kraken Seeks Final Judgment After $22 Million Award Against Former Auditor appeared on BitcoinEthereumNews.com. Payward, the parent company of the cryptocurrency exchange Kraken, has asked the Delaware Court of Chancery to enter a final judgment against its former auditor, Mazars USA, after an arbitrator awarded the firm $22 million.  The exchange disclosed the request on July 7 through an open letter from co-CEO Arjun Sethi and a series of posts from CEO Dave Ripley. The dispute traces to December 2023, when Mazars withdrew from Kraken’s 2022 audit days before its completion. Mazars had audited Kraken for three prior years and issued two clean opinions, according to the company.  In writing, Sethi said, the auditor confirmed it had no disagreement with management, no concerns about the firm’s integrity, and no findings of fraud. Mazars attributed its resignation to legal developments, among them a complaint the Securities and Exchange Commission had filed against Kraken weeks

Kraken's pursuit of a full banking license in Lithuania could reshape its European operations, enhancing service offerings and competitive positioning. The post Kraken pursues full banking license in Lithuania as European ambitions deepen appeared first on Crypto Briefing.

The crypto exchange's parent company says Mazars' withdrawal from its 2022 audit caused millions in damages and tied the dispute to Operation Chokepoint 2.0.

The post Crypto exchange Kraken is trying to become a bank in Europe appeared on BitcoinEthereumNews.com. Kraken, the cryptocurrency exchange planning to go public in the U.S., is pursuing a full banking license in Europe, with a focus on Lithuania as the jurisdiction to secure it, according to a person familiar with the plans. If the firm gets the license, Kraken would be the only crypto exchange to have such a designation. It will also tread the same regulatory path as fintech major Revolut, which holds a specialized European banking license issued in 2018 and regulated by the Bank of Lithuania. This allowed Revolut to offer full current accounts, consumer lending, and stock trading across the European Economic Area (EEA). Kraken declined to comment on the plans. A spokesman for the Bank of Lithuania said the licensing process of financial market participants is confidential. Other fintech firms holding a banking or specialized bank license in Lithuania include Mano Bank, PayRay, Eur