Kraken appoints former Paxos executive as its new chief legal officer
Kraken has appointed former Global General Counsel as legal chief
The trade lately gained an EU MiFID license for regulated buying and selling
With the new legal chief, Kraken goals to navigate US regulatory challenges
Kraken has appointed Ben Gray, former Global General Counsel at Paxos, as its new Chief Legal Officer.
The information comes a day after securing a Markets in Financial Instruments Directive (MiFID) license.
This strategic transfer comes as the cryptocurrency trade goals to navigate the more and more complicated regulatory panorama whereas increasing its choices within the European market.
A well timed appointment
Kraken’s resolution to deliver Gray on board is seen as a big step in direction of strengthening its legal and compliance framework.
Gray’s deep expertise within the cryptocurrency sector, notably from his tenure at Paxos the place he managed legal, compliance, and enterprise threat, positions him completely to steer Kraken by means of its present regulatory challenges.
His background additionally contains working with Binance, showcasing his versatility in dealing with the multifaceted legal points throughout the crypto business.
The timing of Gray’s appointment couldn’t be extra important. Kraken has been beneath scrutiny from regulators, notably from the US Securities and Exchange Commission (SEC), which accused the trade of working as an unregistered securities platform.
With this legal battle within the backdrop, Gray’s management in legal affairs is anticipated to be instrumental in navigating these challenges. His position will embody overseeing Kraken’s legal technique, guaranteeing compliance, and managing enterprise dangers, all of that are important for the corporate’s operations each within the US and overseas.
In the official announcement of the appointment of Gray, Kraken’s co-CEO Arjun Sethi expressed enthusiasm about Gray’s addition to the management crew, emphasizing his position in scaling the enterprise and combating for regulatory readability.
Sethi’s feedback mirror a broader imaginative and prescient the place Kraken not solely seeks to increase its geographical footprint, but additionally goals to set business requirements for safety, innovation, and compliance. This imaginative and prescient is especially related in Europe, the place Kraken sees substantial development potential and the place regulatory compliance can act as a aggressive edge.
