Is Kraken an unregistered securities exchange?

Could you please clarify if Kraken is indeed an unregistered securities exchange? It's important to understand the legal status of platforms like these in the cryptocurrency and finance industry, as they play a crucial role in facilitating trades and transactions. Being unregistered could potentially raise concerns about regulatory compliance and investor protection. So, is Kraken indeed operating without proper securities exchange registration, or is there some other aspect of their operations that you're referring to?