Kraken appoints former Paxos executive as its new chief legal officer

• Kraken has appointed former Global General Counsel as legal chief
• The exchange recently gained an EU MiFID license for regulated trading
• With the new legal chief, Kraken aims to navigate US regulatory challenges

Kraken has appointed Ben Gray, former Global General Counsel at Paxos, as its new Chief Legal Officer.

The news comes a day after securing a Markets in Financial Instruments Directive (MiFID) license.

This strategic move comes as the cryptocurrency exchange aims to navigate the increasingly complex regulatory landscape while expanding its offerings in the European market.

A timely appointment

Kraken’s decision to bring Gray on board is seen as a significant step towards strengthening its legal and compliance framework.

Gray’s deep experience in the cryptocurrency sector, particularly from his tenure at Paxos where he managed legal, compliance, and enterprise risk, positions him perfectly to lead Kraken through its current regulatory challenges.

His background also includes working with Binance, showcasing his versatility in handling the multifaceted legal issues within the crypto industry.

The timing of Gray’s appointment could not be more critical. Kraken has been under scrutiny from regulators, notably from the US Securities and Exchange Commission (SEC), which accused the exchange of operating as an unregistered securities platform.

With this legal battle in the backdrop, Gray’s leadership in legal affairs is expected to be instrumental in navigating these challenges. His role will encompass overseeing Kraken’s legal strategy, ensuring compliance, and managing enterprise risks, all of which are vital for the company’s operations both in the US and abroad.

In the official announcement of the appointment of Gray, Kraken’s co-CEO Arjun Sethi expressed enthusiasm about Gray’s addition to the leadership team, emphasizing his role in scaling the business and fighting for regulatory clarity.

Sethi’s comments reflect a broader vision where Kraken not only seeks to expand its geographical footprint, but also aims to set industry standards for security, innovation, and compliance. This vision is particularly relevant in Europe, where Kraken sees substantial growth potential and where regulatory compliance can act as a competitive edge.