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

Cryptocurrency exchange Kraken reportedly plans to offer users trading services for US-listed stocks and exchange-traded funds, or ETFs.

According to a September 27 Bloomberg report, the US-based exchange Planned to launch its own trading services in the US and UK sometime in 2024 through a division called Kraken Securities. Kraken’s expansion into investment vehicles beyond cryptocurrencies will require a license from the Financial Industry Regulatory Authority and the UK’s financial regulators, which the exchange reportedly already holds.

The reported move by the cryptocurrency exchange came nearly a year after FTX US – which is now defunct – announced plans to launch a stock trading platform. Some apps like Robinhood already offer stock and cryptocurrency trading services, but US-based digital asset exchanges have largely stuck to cryptocurrencies and related offerings.

Related: Kraken aims to restrict distributor registration in Canada to comply with the new rules

On September 26, Kraken announced that it had obtained licenses in both Spain and Ireland related to providing digital asset services. The company is also facing a civil action brought by the Australian Securities and Investments Commission alleging failure to comply with design and distribution obligations for one of its commercial products.

In February, Kraken reached an agreement with the US Securities and Exchange Commission to pay $30 million in debt compensation, prejudgment interest and civil penalties, as well as discontinue its services and software to US customers. Cointelegraph reached out to Kraken, but did not receive a response at the time of publication.

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