- Kraken wins court battle to protect user transaction data in an XRP lawsuit.
- The legal dispute involves Ripple Labs and plaintiff Vladi Zakinov.
- It pertains to whether XRP should be designated as a security or a currency.
U.S.-based exchange Kraken has triumphed in its quest to safeguard the personal data of its users amid the XRP lawsuit involving Ripple Labs and plaintiff Vladi Zakinov. On-chain investigator “Mr. Huber” took to X to laud Kraken’s stance, highlighting the exchange’s proactive efforts to shield its customers’ identities.
Last month, Kraken filed a plea in response to a court directive requiring all U.S.-based crypto exchanges to furnish private trading data about their XRP clientele. In addition to trading data, the court-mandated the disclosure of customer identities associated with XRP transactions conducted between July 3, 2017, and June 30, 2023.
In a recent post on X, Mr. Huber brought to notice that the U.S. court has ruled in favor of Kraken’s request, denying the direct transfer of customer data. He argued that Kraken was the only exchange to stand up for protecting users’ personal data.
According to the court statement shared by Mr. Huber, Kraken Exchange will be personally notifying its clients regarding the class action lawsuit against Ripple Labs. The court statement outlined the sample notification that would be sent to the concerned customers via email. It assures customers that their personal information remains secure and undisclosed to third parties:
“No, none of your information has been shared or will be shared by Kraken. Rather than providing your contact information to the Court, we chose to contact you directly because we hold our clients’ privacy and security in the highest regard.”
At the heart of the Zakinov vs. Ripple legal dispute lies whether XRP should be designated as a security or a currency. The plaintiff levied charges against Ripple, its CEO Brad Garlinghouse, and its subsidiary XRP 2, alleging that they offered XRP as an unregistered security.
Meanwhile, in the SEC vs. Ripple ruling, the judge determined that XRP does not qualify as a security. The looming question remains whether the Zakinov vs. Ripple case judge will align with the SEC vs. Ripple case ruling.
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