Crypto Biz: Kraken offers stock trading as exchanges adapt to change ScrgruppEn

Cryptocurrency exchanges are adopting alternative strategies for doing business in the face of stricter cryptocurrency regulatory environments around the world. Signs everywhere.

Kraken is reportedly moving to offer stock trading in the US and UK to expand its reach and compete with popular apps like Robinhood, which offers cryptocurrency and stock trading. Gemini, on the other hand, is expanding its presence in India with an investment of $24 million in its development centre.

Another challenge facing cryptocurrency exchanges is licensing and communication with regulatory bodies. Binance reopened its branch in Belgium this week after a three-month hiatus in the country due to issues with local regulators.

Kraken has also expanded its European licenses, and now offers Euro cryptocurrency trading services to 27 EU and EEA member states. As cryptocurrency regulations evolve, exchanges are adapting to incorporate new-age practices.

This week, Crypto Biz explores Kraken’s securities arm, Gemini’s expansion into India, Binance’s return to Belgium, and an oil company in Argentina investing in cryptocurrency mining.

Cryptocurrency exchange Kraken plans to move to US stock trading: report

Kraken reportedly plans to offer trading services for US-listed stocks and exchange-traded funds. The cryptocurrency exchange intends to launch its trading services in the US and UK in 2024 through a new division called Kraken Securities. Expanding beyond cryptocurrencies will require obtaining a license from the Financial Industry Regulatory Authority and the UK’s financial regulators, which the exchange is said to already have. Meanwhile, in Europe, Kraken obtained an electronic money institution license from the Central Bank of Ireland and a virtual asset service provider (VASP) registration from the Bank of Spain. The Irish license enables Kraken to expand its euro-to-crypto trading services to 27 EU and EEA member states. VASP registration in Spain allows Kraken to offer exchange and wallet custody services.

Gemini is investing $24 million to expand in India

Cryptocurrency exchange Gemini has set aside 2 billion rupees ($24 million) for its expansion in India. The funds will be used to grow the stock exchange development center in Gurgaon, a major satellite city of Delhi. Since its initial launch in May, the Gemini Gurgaon Development Center has expanded to over 70 employees, with active recruitment for software engineers, technical product managers, talent acquisition, finance, support and compliance. In supporting the expansion, Gemini pointed to the Indian government’s “strong support framework that allows startups to thrive.” The move is part of Gemini’s “big plans for international growth this year in the Asia-Pacific region.”

Cryptocurrency exchange Binance is reopening its exchange services in Belgium

Cryptocurrency exchange Binance has reopened registrations and access to products and services to Belgian users again – three months after the Belgian financial regulator ordered the exchange to stop cryptocurrency-related services. “We welcome new registrations of Belgian residents on our platform again,” Binance said, adding that various products and services will once again become available to Belgian users who accept the country’s new terms of use. Binance did not disclose what changes had been made to allow it to resume services in Belgium. Elsewhere in Europe, Binance has indicated plans to remove stablecoins from the European market by June 2024 to comply with EU Markets in Cryptoassets (MiCA) legislation, which is set to come into force around that time.

Argentine oil company begins mining cryptocurrencies using leftover gas energy

Tecpetrol, an oil company based in Buenos Aires, decided to convert excess gas into energy for mining cryptocurrencies. According to local media reports, Tecpetrol plans to drill at least 35,000 barrels of oil per day at the facility, but since there is no infrastructure to consume the gas released in the process, the company decided to explore cryptocurrency mining. Tecpetrol hopes to begin mining activities between late October and early November. The primary objectives are to reduce environmental impact by avoiding gas emissions and generating additional profits. As part of the plan, the company is working with a US company with experience in implementing similar strategies.

This week, Crypto Biz explores Kraken’s securities arm, Gemini’s expansion into India, Binance’s return to Belgium, and an oil company in Argentina investing in cryptocurrency mining.

Latest news about Bitcoin, Ethereum, Blockchain, Altcoin, Litecoin, Ripple, Mining, Policy and Regulations, Cryptocurrency prices, and Technology

Related Articles

Back to top button