Cryptocurrency exchange Kraken is purportedly gearing up to introduce trading services to its users, encompassing U.S.-listed stocks and exchange-traded funds (ETFs).
According to a report from Bloomberg dated September 27th, the U.S.-based exchange is gearing up to unveil its trading services in both the United States and the United Kingdom sometime in 2024, and this initiative will be carried out through a specialized division known as Kraken Securities. It’s worth noting that Kraken’s endeavor to diversify its investment offerings beyond cryptocurrencies necessitates obtaining licenses from both the Financial Industry Regulatory Authority (FINRA) and the regulatory authorities in the U.K., a feat that the exchange has reportedly already accomplished.
This move by the cryptocurrency exchange follows roughly a year after the now-defunct FTX.US announced its intentions to launch a stock trading platform. While certain applications, such as Robinhood, already provide a dual offering of stock and cryptocurrency trading services, the majority of U.S.-based digital asset exchanges predominantly focus on cryptocurrencies and related products.
On September 26th, Kraken made an announcement of paramount significance, revealing that it had been granted licenses in both Spain and Ireland, clearing the path for the provision of digital asset services in these regions. Concurrently, the company finds itself embroiled in a legal battle initiated by the Australian Securities and Investments Commission, which alleges non-compliance with design and distribution obligations in relation to one of its trading products.
In February, Kraken arrived at an agreement with the U.S. Securities and Exchange Commission (SEC), culminating in a settlement involving the payment of $30 million, encompassing disgorgement, prejudgment interest, and civil penalties. Additionally, as part of the agreement, Kraken halted its staking services and programs for its U.S. clientele. Cointelegraph reached out to Kraken for comment, but as of the time of publication, no response had been received.
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