Kraken to Move from Exchange to Crypto Bank amid US Regulatory Dispute
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Loading... - Sandra Kaiser
- 07 Mar 2023
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- Kraken Bank was initially announced almost three years ago.
- The idea reemerges when the crypto exchange faces regulatory scrutiny in the US.
Kraken, one of the major cryptocurrency exchanges, confirmed its plans to launch a crypto banking suite in the foreseeable future. The move was first announced in 2020, and the idea is now reappearing amid recent regulatory issues in the United States, where the Securities and Exchange Commission (SEC) banned Kraken's staking service.
Kraken Crypto Bank Will Answer Regulatory Hurdles?
Although Kraken did not confirm the launch of its cryptocurrency bank in any official statement, information appeared in comments on the exchange's Twitter feed and in one of the recent podcasts with the company's representative.
Kraken's support team informed a Twitter user that Kraken Bank is still in progress and will at first be offered to customers in the United States. According to earlier information from 2020, the new bank will be headquartered in Wyoming and operate as a special purpose depository institution (SPDI). Read More..
