Digital Assets: Crust Shadow (CSM) Trading Now Supported by Kraken

The team at digital asset firm Kraken is pleased to confirm that their crypto trading platform now supports Crust Shadow (CSM).

Customers may now choose to add CSM to their Kraken accounts by simply “navigating to Funding, selecting the asset, and then Deposit.” Trading will be “available on July 27th.”

According to Kraken, here’s what you should know:

  • Ticker CSM
  • Tradeable against EUR, USD
  • Price precision 6 decimal places
  • Deposit confirmations required 25 (5 minutes)
  • Not available in United States, Canada, Japan
  • Services available Kraken, the Kraken Pro interface

Trading via the Kraken app and instant buy “will be available once liquidity conditions are met (i.e., when a sufficient number of buyers and sellers have entered the market for their orders to be efficiently matched).”

What is CSM?

Crust Shadow “offers an incentive layer protocol that helps to maintain decentralized storage solutions.”

As explained in a blog post by Kraken, it’s “adaptable to multiple storage layer protocols such as InterPlanetary File System (IPFS) and can serve as the foundation for a decentralized cloud ecosystem.”

CSM can be “staked to earn a reward for securing the network, serve as a medium of exchange to pay transaction fees on the network and to vote on governance proposals shaping the future of the protocol.”

As always, Kraken says they intend to list more digital assets. However, (as usual) their policy is to “never reveal any details until shortly before launch – not even which assets we are considering.”

All of Kraken’s listed tokens “are available on our website, and all future tokens will be announced on Kraken’s blog and social media profiles.” Their client engagement specialists “cannot answer any questions about which assets we may be listing in the future.”

Notably, the NY Times recently reported that there might be a potential Treasury Department Office of Foreign Assets Control (OFAC) enforcement investigation against Kraken Digital Asset Exchange, which is one of the most established crypto exchanges, for sanctions violations.

Alex Zerden from Capitol Peak Strategies LLC noted:

“I’m not going to wade into the specifics of the allegations but this [update] reinforces the need for a robust, risk-based approach to sanctions compliance, including as outlined by the 2019 OFAC sanctions compliance framework guidance, ‘A Framework for OFAC Compliance Commitments.'”

Alex pointed out that OFAC went “as far as to publish specific guidance for digital assets in October 2021, ‘Sanctions Compliance Guidance for the Virtual Currency Industry’.”

OFAC economic sanctions compliance obligations “are broader than anti-money laundering and countering the financing of terrorism (AML/CFT) requirements in the United States.”

According to OFAC:

“U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located, all persons and entities within the United States, all U.S. incorporated entities and their foreign branches.”

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