Kraken may soon launch stock trading services for U.S. and U.K. markets: Report

2023-9-28 21:10

U.S.-based crypto exchange Kraken plans to offer trading in US-listed stocks and exchange-traded funds, according to a source familiar with the matter as cited by Bloomberg. The initiative will be spearheaded by a newly established division, Kraken Securities.

According to the reporting, Kraken has already obtained necessary regulatory permits in the U.K., and is in the process of obtaining a broker-dealer license from the US Financial Industry Regulatory Authority.

When reached for comment, a Kraken spokesperson told CryptoSlate: 

“Kraken is always exploring how it can power the global adoption of cryptocurrencies. While we can’t comment on rumors or speculation, we’re looking to broaden and enhance our offering so clients continue to have secure and seamless access to Kraken’s full product suite.”

This report comes on the heels of Kraken’s recent successful expansion in Europe, which has seen the firm obtaining a European Union E-Money Institution (EMI) license from the Central Bank of Ireland, broadening its EUR fiat services across all 27 European Union member states and the European Economic Area. Additionally, the company registered as a Virtual Asset Service Provider (VASP) with the Bank of Spain, further solidifying its presence in the European market.

However, this foray into US-listed stocks and ETFs unfolds against a backdrop of regulatory challenges at home. Earlier this year, the Securities and Exchange Commission (SEC) charged Kraken for failing to register its cryptocurrency staking service as a security offering, resulting in a $30 million settlement and the discontinuation of the staking service for U.S. residents.

Furthermore, an ongoing investigation by the Internal Revenue Service (IRS) required Kraken to surrender certain user information, emphasizing the firm’s commitment to protecting its clients from potential harms such as identity theft.

The post Kraken may soon launch stock trading services for U.S. and U.K. markets: Report appeared first on CryptoSlate.

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