"Kraken's Data Requests Surge 39% Amid U.S. Scrutiny"

Crypto exchange Kraken reported a significant increase in regulatory and enforcement data requests in 2024, with the majority coming from U.S. agencies, including the Federal Bureau of Investigation (FBI), according to its latest transparency report.

The report, released on Feb. 19, revealed that Kraken received 6,826 data requests from 71 countries in 2024, marking a 39% rise from the previous year. The United States accounted for the largest share of requests, with 1,951 inquiries.

In the U.S., the FBI was the top requesting agency, issuing 614 data requests, or 31% of the total 1,951 U.S. requests received by Kraken. The U.S. Securities and Exchange Commission (SEC), which sued Kraken over the alleged operation of an unregistered exchange in 2023, represented 1.9% of total U.S. agency requests.

Kraken provided data for 57% of all data requests in 2024. The requests involved queries for 10,369 total Kraken accounts, most often for clients located in the U.S., the United Kingdom, and Germany.

“Many types of information requests are received, and Kraken has strict policies and procedures to comply with laws and regulations and protect client privacy while supplying data when we have a legal obligation to do so,” the exchange stated.

U.S. agencies issued 29% of all data requests in 2024. While the SEC’s requests accounted for a small amount of total U.S. agency requests, the regulator made the biggest portion of U.S. regulatory requests at 37%.

Other U.S. regulatory bodies requesting data included the State Regulatory Agency, the Commodity Futures Trading Commission, and the Office of Foreign Assets Control.

Outside the U.S., Germany, the UK, and Australia were among the most frequent requesters. Other countries in the top 10 included Spain, Canada, France, Italy, and the British Virgin Islands.

Kraken’s global data requests increased by 39% in 2024 compared to 2023. The exchange emphasized its commitment to regulatory compliance and client privacy, stating: