Prominent cryptocurrency exchange Kraken has recently completed the acquisition of TradeStation Crypto, the cryptocurrency-focused division of the online brokerage TradeStation. This move is strategically aimed at bolstering Kraken’s regulatory stance and expanding its operations within the U.S. market.
“The acquisition is a key part of our strategy to enhance our presence in the U.S. and opens up new growth avenues and product possibilities for Kraken,” stated a spokesperson from Kraken in an email communication.
TradeStation Crypto, based in Florida, has successfully obtained money transmitter and other regulatory licenses across most U.S. states in recent years. However, the crypto brokerage faced a setback with the U.S. Securities and Exchange Commission over a lending service, culminating in a $3 million settlement. Following these challenges, TradeStation’s parent company announced its decision to pull out of the cryptocurrency sector.
Notably, TradeStation Crypto was instrumental in realising Miami Mayor Francis X. Suarez’s vision of transforming Miami into a cryptocurrency hub. In early 2022, the company sponsored the Miami Bull, an 11-foot, 3,000-pound statue unveiled by Mayor Suarez, symbolizing the city’s crypto-friendly ambitions.
Kraken’s expansion efforts are not limited to the U.S. In recent months, the exchange has also extended its reach into the European Union, acquiring the Netherlands-based cryptocurrency firm BCM and securing several virtual asset service provider licenses across Europe.
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- Heimild: https://www.cryptocompare.com/email-updates/daily/2024/apr/19/
