Kraken secures $22M in damages over crypto debanking fallout: Details
The post Kraken secures $22M in damages over crypto debanking fallout: Details appeared on BitcoinEthereumNews.com. Kraken has secured a major win for the harm it endured during Biden-era industry-wide crypto debanking, popularly known as Operation ChokePoint 2.0. In a statement, Kraken co-CEO David Ripley said the exchange’s parent company, Payward, was awarded $22 million in damages against its auditor, Mazars. Ripley explained that Mazars abandoned the audit in 2023, citing ‘legal developments’ linked to an SEC complaint. He noted that there was no professional disagreement, yet Mazars called it quits, exposing the firm to significant losses. That SEC complaint? Later dismissed with prejudice. No penalties. No changes to our business. But the abandoned audit cost us years and millions in legal fees to clear a cloud we did nothing to create. Ripley acknowledged that Mazars was pressured, mirroring a broader trend against the crypto industry by the Biden administration. The firm wa