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"Insulting": Kraken's CEO refuses to comply with the New York Cipher Exchange

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Kraken's CEO, Jesse Powell, had strong words for New York regulators seeking to force the San Francisco Stock Exchange to participate. its new Initiative for the Integrity of the Virtual Market, which requires that trading platforms be more transparent.

Earlier this week, New York Attorney General Eric Schneiderman opened an investigation into popular cryptocurrency trades. As part of the investigation, his office sent detailed questionnaires of 34 points to 13 different exchanges – including Kraken – who were ordered to complete the forms in early May.

Most exchanges responded positively to the letters, publicly stating that they were anxious to cooperate with the AG's investigation and to increase transparency in the space born.

However, Powell – whose exchange ranks among the top 15 in daily trading volume – found a much more critical tone in his remarks, which he posted on Twitter.

He wrote:

"The release of Kraken from BitLicense in New York in 2015 reports another dividend today.When I saw this claim of 34 points, with a maturity of 2 weeks, I would 39 I immediately thought "The audacity of these guys – the right, the disrespect for our company, our time!" The diversion of resources for this production is huge.This will completely blow up our roadmap "Then I realized we had made the right decision to run away from New York three years ago and that we could avoid that bullet."

As he alluded to in his comments, Kraken ceased operations in New York in 2015 as part of the "Great Bitcoin Exodus" that took place after the state's financial services department introduced the controversial BitLicense. a rigorous regulatory process before serving New York residents.

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Powell said that Kraken is usually quite willing to help regulators understand the trading operations of the stock market, as well as the emerging space of cryptocurrency. However, he criticized the "deaf-hearted" approach of the AG, arguing that the state is a hostile environment for businesses.

"But when will that be enough for New York, we've done all this once, and you've given us BitLicense, why do not you try to This information from the companies that operate in your state? Kraken left New York because New York is hostile to cryptography, and this "questionnaire" that we have received today proves that New York does not have the same information. is not only hostile to crypto, he is hostile to business, "he said.

He also blamed other cryptocurrency exchanges for "kowtowing" at the probe and other similar ones.

"Someone has to say what everyone thinks of NYAG's investigation.The placeable kowtowing towards this kind of abuse sends the message that it's ok. It's not ok, it's insulting, "he concluded," Good luck to New Yorkers. "

Featured Image from YouTube / Economist Test Prep.

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