$22M Award for Kraken as Crypto Exchange Seeks Regulatory Clarity

A $22 million arbitration award has been granted to Kraken after the company was forced to deal with reputational damage and disruption following Mazars' decision to withdraw from an audit process.

The dispute centered around Mazars' withdrawal from a nearly completed audit, despite having previously provided written confirmation that it had not identified any issues during its review.

Kraken argued that the withdrawal caused financial and reputational harm because the audit process was already significantly advanced.

The arbitrator ultimately sided with Kraken, awarding the exchange $22 million in damages.