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The SEC is investigating San Francisco-based cryptocurrency exchange Kraken for violating securities laws, according to reports.
Bloomberg reported Wednesday that the investigation was at an "advanced stage" and "could lead to a settlement in coming days," citing an unnamed person familiar with the matter.
Kraken is a digital assets exchange which allows customers to buy and sell cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. It is the fourth largest exchange by daily volume, according to CoinGecko data.
The SEC has cracked down on crypto exchanges recently: In January, it hit Genesis and Gemini with charges for offering unregistered securities.
Kraken declined Decrypt's request for comment.
This is a developing story and will be updated.