EddieJayonCrypto
31 Jan 24
Kraken has successfully defended its users' privacy in a lawsuit involving Ripple Labs and Vladi Zakinov, preventing the direct transfer of customer data. The legal dispute centers around whether XRP should be classified as a security or a currency, with the outcome still pending. Despite the SEC's ...
Based on a recent legal dispute, Kraken has emerged victorious after successfully defending its users' privacy in an XRP lawsuit involving Ripple Labs and plaintiff Vladi Zakinov. This lawsuit, aimed at determining whether XRP should be classified as a security or a currency, remains an ongoing issue. Despite the SEC ruling that XRP is not a security, the decision in the Zakinov vs. Ripple case is yet to be seen. The U.S.-based exchange Kraken took a stand to safeguard its users' personal data in the midst of the XRP lawsuit. In response to a court directive requiring crypto exchanges to disclose private trading data about their XRP clients, Kraken filed a plea opposing the transfer of customer data. The court subsequently ruled in favor of Kraken’s request, denying the direct transfer of customer data, and thereby ensuring the protection of users’ personal data. Furthermore, Kraken will be sending a sample notification to the concerned customers via email, assuring them that their personal information remains secure and undisclosed to third parties. The legal dispute revolves around whether XRP should be designated as a security or a currency. The plaintiff in the case against Ripple, as well as its CEO and subsidiary, alleges that they offered XRP as an unregistered security. However, in the SEC vs. Ripple ruling, the judge determined that XRP does not qualify as a security. The lingering question is whether the Zakinov vs. Ripple case judge will align with the SEC vs. Ripple case ruling.
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