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Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’

Cryptocurrency exchange Kraken is looking for an operations director that would oversee a ‘special purpose’ bank in Wyoming in a bid to gain more independence.

Image: Kraken Facebook

Fri, 13 Dec 2019, 08:49 am UTC

Cryptocurrency exchange Kraken is apparently looking for an operations director to helm a special-purpose depository institution (SPDI) in Wyoming. The exchange listed several responsibilities for the chosen candidate including building and guiding operations team, creating systems needed by an SPDI, oversee compliant requirements, collaborate with other divisions, and several more.

Those who are interested in applying should have a comprehensive knowledge of financial products and regulatory compliance, as well as a 15-year experience in operations and management. And of course, a deep interest in the crypto industry is a huge advantage.

Wyoming has created the SPDI as an answer to New York’s BitLicense, which is considered too stifling and has pushed crypto exchanges to migrate out of the Big Apple and into crypto-friendly states. At the moment, it’s still vague whether or not Kraken has already applied for an SPDI. An SPDI could allow exchanges to move away from banks that are currently the option in storing and moving funds, CoinDesk reported.

Kraken trying to stand solo

This new development comes in the wake of Kraken joining the Silvergate Exchange Network (SEN), a system created by crypto-friend bank Silvergate. With the partnership, Kraken has allowed its clients to deposit and withdraw in the exchange commission-free.

However, the clients need to open an account with Silvergate to avail of the service.

Crypto exchanges still rife will illicit actors

So far, only a handful of banks are willing to work with crypto exchanges due to strict regulations and the risks that these businesses carry with them. Money laundering and terrorist financing are two main issues that have always held this sector back, although progress is being made to address these problems.

Among them is the creation of compliance solutions that can track and assess the risks of a given fund based on several metrics used by a software. Chainalysis, TRM Labs, and a few blockchain analysis firms have been trying to provide solutions to crypto exchanges in a bid to lessen the criminal activity in their respective platforms.

For instance, Bitfinex – an exchange that’s been accused of manipulating bitcoin’s price – has tapped the services of Chainalysis to monitor client activity and identify suspicious funds moving through its channels. Chainalysis is also working on a software that will help financial institutions enter the crypto space with mitigated risks, as well as build the trust between banks and crypto businesses.

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