Kraken, a well-known cryptocurrency exchange, aims to strengthen its position in the US market by purchasing TradeStation Crypto, the digital asset division of TradeStation, an online brokerage. Obtaining additional licenses through this acquisition will enhance Kraken’s regulatory status within the United States.
Over the last few years, TradeStation Crypto, which is based in Florida, has obtained numerous regulatory licenses and approvals across the United States, allowing it to function as a money transmitter in most states. With Kraken’s recent acquisition of TradeStation Crypto, there is potential for leveraging its well-established regulatory framework to introduce new offerings and market expansion opportunities within the US.
Though the financial particulars of the deal remain undisclosed, an email from Kraken’s representative confirmed the acquisition as part of their aggressive US growth strategy. Previously, the holding company behind TradeStation Crypto reached a $3 million settlement with the SEC and subsequently left the cryptocurrency industry.
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2024-04-19 01:42