Kraken Wins $22M Arbitration Against Former Auditor Mazars

DATA & FIGURES

$22 million arbitration award won by Kraken against Mazars USA

THE SCENARIO

The dispute between Kraken and Mazars is part of a broader context of regulatory developments and campaigns against the crypto industry. Kraken claims that Mazars' resignation was part of Operation Chokepoint 2.0, a campaign that pressured banks, auditors, and other institutions to cut ties with lawful crypto companies. This campaign has been linked to various regulatory developments, including joint guidance from US banking regulators and the collapse of crypto-focused banking networks.

DIRECT QUOTE

"An audit is not a favor. It is oxygen" — Arjun Sethi, co-CEO of Kraken

BBN INSIGHT

The $22 million arbitration award won by Kraken against Mazars highlights the challenges faced by crypto companies in obtaining banking services, licenses, and other business relationships. The dispute is part of a broader campaign against the crypto industry, which has been linked to regulatory developments and the collapse of crypto-focused banking networks. The Positive Side: The arbitration award won by Kraken could provide a precedent for other crypto companies facing similar challenges. The Negative Side: The campaign against the crypto industry, dubbed Operation Chokepoint 2.0, could continue to pressure banks, auditors, and other institutions to cut ties with lawful crypto companies, causing significant financial harm and limiting their access to essential services.