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

U.S.-based crypto speech Kraken plans to connection trading successful US-listed stocks and exchange-traded funds, according to a root acquainted with the substance arsenic cited by Bloomberg. The inaugural volition beryllium spearheaded by a recently established division, Kraken Securities.

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

When reached for comment, a Kraken spokesperson told CryptoSlate: 

“Kraken is ever exploring however it tin powerfulness the planetary adoption of cryptocurrencies. While we can’t remark connected rumors oregon speculation, we’re looking to broaden and heighten our offering truthful clients proceed to person unafraid and seamless entree to Kraken’s afloat merchandise suite.”

This study comes connected the heels of Kraken’s caller successful expansion successful Europe, which has seen the steadfast obtaining a European Union E-Money Institution (EMI) licence from the Central Bank of Ireland, broadening its EUR fiat services crossed each 27 European Union subordinate states and the European Economic Area. Additionally, the institution registered arsenic a Virtual Asset Service Provider (VASP) with the Bank of Spain, further solidifying its beingness successful the European market.

However, this foray into US-listed stocks and ETFs unfolds against a backdrop of regulatory challenges astatine home. Earlier this year, the Securities and Exchange Commission (SEC) charged Kraken for failing to registry its cryptocurrency staking work arsenic a information offering, resulting successful a $30 cardinal settlement and the discontinuation of the staking work for U.S. residents.

Furthermore, an ongoing probe by the Internal Revenue Service (IRS) required Kraken to surrender definite idiosyncratic information, emphasizing the firm’s committedness to protecting its clients from imaginable harms specified arsenic individuality theft.