CEO says it will take too many resources
The New York Attorney General sent 13 major cryptocurrency exchanges a list of 34 question this week (read it here). The AG wanted details on ownership, policies, fees, internal controls, procedures and customer protection among other things with a May 1 deadline.
Compliance is technically voluntary but not cooperating with the New York Attorney General is undoubtedly a risky move.
"The resource diversion for this production is massive. This is going to completely blow up our roadmap!" Kraken co-founder and CEO Jesse Powell said in a statement.
CNBC contacted several other exchanges including Coinbase, Gemini Trust, bitFlyer USA and four others who all said they would provide the information.
