Kraken Considers Adding Traditional Stocks and ETFs to its Offerings - According to reports, Kraken, a well-known cryptocurrency exchange based in the US, is contemplating the expansion of its product offerings to include traditional stocks and exchange-traded funds (ETFs).

    Kraken, a prominent US-based cryptocurrency exchange, is reportedly planning to expand its offerings beyond the realm of crypto assets. Bloomberg Law, citing sources familiar with the matter, reported that the exchange intends to launch a new branch named Kraken Securities. Through this branch, Kraken aims to sell US-traded stocks and ETFs. The service is expected to be rolled out in 2024, pending regulatory approvals.

    While Kraken has not officially confirmed the news, a spokesperson for the company told Reuters that they are committed to expanding and improving their offerings, stating, “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.”

    In addition to this potential expansion, Kraken has recently received approval to operate in several European countries, including Spain and Ireland. The exchange obtained an e-money institution (EMI) license from the Central Bank of Ireland and registered as a virtual asset service provider (VASP) in Spain. Kraken had already obtained VASP licenses in Italy and Ireland.

    Curtis Ting, Kraken’s Vice President for Global Operations, expressed enthusiasm about the firm foundation for crypto in Europe and the opportunity to be part of the vibrant local fintech sectors in Ireland and Spain. He also mentioned the company’s commitment to further investments in Europe.

    Furthermore, Kraken has obtained the necessary regulatory permit to operate in the United Kingdom. However, the exchange has faced regulatory pressure in the US, particularly with the recent crackdown on the crypto industry.

    In July, a judge ordered Kraken to provide extensive user information to the Internal Revenue Service (IRS) for a tax evasion investigation. Under the order, Kraken must disclose details of users who engaged in transactions exceeding $20,000 within a calendar year, including their names, birthdates, taxpayer identification numbers, addresses, phone numbers, email addresses, and relevant documents. Additionally, in February, Kraken had to close its crypto staking service and pay a $30 million fine to settle with the Securities and Exchange Commission (SEC) over allegations of securities law violations related to the staking service.

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