Zilliqa (zil) 
Kraken Appoints Ben Gray as New Chief Legal Officer
U.S.-based cryptocurrency exchange Kraken has announced the appointment of Ben Gray as its new chief legal officer. Gray, former Global General Counsel at Paxos, will be responsible for overseeing the company’s legal, compliance, and enterprise risk management.
Kraken co-CEO Arjun Sethi expressed confidence in Gray’s ability to strengthen the exchange’s leadership team, stating that his “deep experience as a general counsel and chief compliance officer make him an ideal CLO for Kraken, as the industry continues fighting for regulatory clarity and consumer protections.”
Gray’s Background and Experience
Before joining Kraken, Gray worked as Global General Counsel at Paxos, a blockchain firm known for issuing stablecoins for PayPal. He has also worked with Binance, further solidifying his expertise in the cryptocurrency and blockchain space.
Regulatory Scrutiny and Challenges Ahead
Gray’s appointment comes at a critical time for Kraken, which has been facing increased scrutiny from regulators. In 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Kraken, accusing the exchange of operating as a securities exchange without registering with the regulator. The SEC also raised concerns about poor internal controls and the commingling of clients’ funds with the exchange’s own.
Kraken has argued that any “commingling” was solely to cover earned operating expenses. As the exchange continues to navigate these regulatory challenges, Gray’s expertise will be crucial in ensuring compliance and risk management.
“His deep experience as a general counsel and chief compliance officer make him an ideal CLO for Kraken, as the industry continues fighting for regulatory clarity and consumer protections.”
With Gray on board, Kraken is poised to strengthen its leadership team and better navigate the complex regulatory landscape of the cryptocurrency industry.
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