Last month the Commodity Futures Trading Commission (CFTC) imposed a fine on Kraken, one of the largest digital asset exchanges in the United States. The CFTC asserted that Kraken was illegally offering margined retail commodity transactions in digital assets, including Bitcoin, and failed to register as a futures commission merchant.
This has resulted in concern over whether it is possible to offer cryptocurrency futures and derivatives to retail customers in the U.S. In this video, Jeffrey Alberts, co-chair of Pryor Cashman's FinTech Group, discusses the Kraken fine and what crypto companies should do to avoid penalties.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.