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MTrading Team • 2023-03-07

Kraken Is on the Way to Opening its own Crypto Bank

Kraken Is on the Way to Opening its own Crypto Bank

Kraken, one of the world’s biggest crypto exchanges, is on the track to open its own bank.

Last week, the platform announced it would no longer provide services in collaboration with Signature Bank, a crypto-focused financial institution. Non-corporate clients will no longer be able to use bank services for depositing or withdrawing in USD.

Banking Institutions Are against Crypto?

More and more banking institutions are turning their backs toward cryptocurrencies in the face of blockchain-related platforms.

Kraken decided to take control of the situation and announced the exchange’s plans to open its own bank disregarding the tightening regulatory environment in the cryptocurrency industry these days. The new bank is heard to be operating in the United States.

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The official statement was made by the platform’s Chief Legal Officer Marco Santori. During his appearance on the Scoop podcast, Marco said Kraken Bank can be launched “very soon”. What’s more, Kraken plans to attach thousands of pens with ball chains and platform logos to the Wall Street banks’ desks everywhere.

Charges against Crypto Giant

While one of the world’s biggest and most reputable crypto exchanges, Kraken has always been a preferred target for many regulators, including the Securities and Exchange Commissions. The SEC is eager to crash down the entire industry after the FTX issue back in November.

In February, the platform agreed to settle the charge from the SEC and ended its on-chain staking services available for US-based customers. Additionally, the exchange paid $30 million in civil penalties and disgorgements.

Struggling with Signature Bank

Previously, Signature Bank was one of the major banking partners for cryptocurrency platforms. However, the institution seems to fall down in a distressed period, especially taking into account the crypto market experiencing an awakening downturn during 2022.

Nevertheless, Kraken is eager to promote innovations within the blockchain environment and crypto industry. They believe Kraken Bank will be the next step to further maintaining major banking services.

May the trading luck be with you!