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Kraken, a prominent cryptocurrency exchange, recently shared its intentions to diversify its offerings, with an eye on providing trading options for U.S. stocks and exchange-traded funds (ETFs). Kraken Securities, a dedicated division within the company, aims to spearhead this expansion, targeting both the U.S. and U.K. markets by 2024.
Sources, like the one from Bloomberg on September 27, stated that Kraken had already secured the necessary permissions from key financial oversight bodies, including the Financial Industry Regulatory Authority in the U.S. and its counterparts in the U.K.
Kraken's step towards stock trading can be seen as a reflection of a broader trend, coming on the heels of similar intentions unveiled by FTX US – a platform that has since ceased its operations. Notably, platforms like Robinhood have paved the way, combining both cryptocurrency and stock trading under one umbrella. However, it's rare for U.S.-centered digital currency platforms to venture outside the boundaries of cryptocurrency services.
Only a day before this revelation, Kraken revealed its successful acquisition of licenses to deliver digital asset services in Spain and Ireland, further highlighting its growth strategy. In contrast, Kraken has also had to navigate legal hurdles. The company is currently addressing a lawsuit initiated by the Australian Securities and Investments Commission concerning its adherence to specific design and distribution prerequisites for a trading item.
Earlier in the year, the U.S. Securities and Exchange Commission reached a settlement with Kraken. The agreement compelled the exchange to disburse $30 million encompassing disgorgement, prejudgment interest, and civil penalties.
Alongside this, they agreed to suspend their staking programs and services for their American clientele. Attempts to secure a comment from Kraken on these matters yielded no immediate response.
