David Edwards
According to its most recent transparency report, which was made public on February 19, cryptocurrency exchange Kraken recorded a 39% increase in regulatory and enforcement data requests in 2024, the bulk of which came from U.S. entities, including the Federal Bureau of Investigation (FBI).
Kraken received 6,826 data requests from 71 countries in 2024, according to the report, which is a considerable rise over the previous year. With 1,951 queries, the United States was the country with the most questions.
SEC and FBI Top Requesting Organizations
The FBI was the largest requester in the United States, with 614 requests for data, or 31% of all requests Kraken received from U.S.-based sources. 1.9% of U.S. government inquiries were from the U.S. Securities and Exchange Commission (SEC), which filed a lawsuit against Kraken in 2023 for allegedly running an unlicensed exchange.
Even while the SEC only received a small number of queries overall, it accounted for 37% of all U.S. regulatory requests. The State Regulatory Agency, the Commodity Futures Trading Commission (CFTC), and the Office of Foreign Assets Control (OFAC) were among the other important organizations that asked Kraken for information.
57% of requests had data from Kraken.
Kraken revealed that 57% of all requests received in 2024 were answered with data. 10,369 Kraken accounts in all, mostly associated with customers in the US, UK, and Germany, were the subject of these inquiries.
“Many types of information requests are received, and Kraken has strict policies and procedures to comply with laws and regulations while protecting client privacy,” the exchange stated in its report.
Requests for International Data On the Rise as Well
Germany, the United Kingdom, and Australia were among the most common overseas requesters outside of the United States. The British Virgin Islands, Spain, Canada, France, and Italy were among the top 10 countries that made requests.
Kraken underlined that its goal of encouraging financial freedom and the widespread adoption of cryptocurrencies is consistent with its dedication to openness and regulatory compliance. The report comes after the exchange’s financial statement for 2024, which showed a 128% increase in income to $1.5 billion for the year.
