Trending News

د.إ.‏ ٣٨٬٧٧٣٫٩٥
د.إ.‏ ٢٬٠٩٩٫٣٥
د.إ.‏ ٠٫٦٢
د.إ.‏ ٠٫٣٩
د.إ.‏ ٢٢٨٫٩٨
د.إ.‏ ٥٫٤٩
د.إ.‏ ١٥٫٤٢
د.إ.‏ ٠٫١٢

Kraken Crypto Exchange to Introduce Stock Trading for US and UK Clients

A foray into traditional finance by Kraken would put the exchange in direct competition with US-based trading platform Robinhood.

Cryptocurrency exchange Kraken reportedly plans to begin offering trading services for exchange-traded funds (ETFs) and US-listed stocks. A September 27 report by Bloomberg stated that the exchange plans to launch its trading services in the United States and the United Kingdom in 2024.

The trading service will reportedly be managed by a division called Kraken Securities and would make Kraken the first crypto exchange to explore investment vehicles outside crypto. The US-based exchange’s move outside crypto would need a broker-dealer license from the US Financial Industry Regulatory Authority (FISA), which it has reportedly applied for. According to anonymous sources cited in the report, Kraken already has all the licensing it would need to satisfy UK financial regulators.

The news comes about a year after the now-defunct FTX US announced that it was planning to launch a stock trading platform. A foray into traditional finance by Kraken would put the exchange in direct competition with US-based trading platform Robinhood which offers both traditional stocks and cryptocurrency trading options.

According to CoinDesk, the exchange declined to comment on the report directly but stated:

“Kraken is always exploring how it can power the global adoption of cryptocurrencies. While we can’t comment on rumors or speculation, we’re looking to broaden and enhance our offering so clients continue to have secure and seamless access to Kraken’s full product suite.”

Kraken has been faced with increased regulatory pressure in the US and recently had to board up its crypto staking service to US clients and pay a $30 million fine to settle Securities and Exchange Commission (SEC) charges. It has since been looking to expand its operations outside the United States. The exchange was recently granted a virtual asset provider license in Spain which would allow it to crypto trading and custodial wallet services to the country’s residents.

Meanwhile, Kraken is facing a civil from the Australian Securities and Investments Commission (ASIC) for its alleged failure to make a target market determination before offering its margin trading product to Australian customers.



Cryptocurrency News, Market News, News, Stocks

Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.


Credit: Source link

Comments are closed.