Crypto Exchange Kraken Announces Plans to Launch Its Own Bank

Kraken, one of the most popular crypto exchanges in the U.S., reportedly has plans to launch its own bank. The news comes amid a challenging regulatory environment. Kraken settled a case with the Office of Foreign Assets Control over sanctions violations

Highlights

• Kraken, one of the most popular crypto exchanges in the U.S., reportedly has plans to launch its own bank.
• The news comes amid a challenging regulatory environment.
• The company has recently come under the Securities and Exchange Commission (SEC) radar with the regulator looking at whether the exchange offered unregistered securities to American clients.
• Kraken settled a case with the Office of Foreign Assets Control (OFAC) over sanctions violations and paid $362,000.
• The company declined to discuss the SEC settlement, but said that staking had been a small percentage of its revenue.
• The development comes as the sector is still dealing with the fallout from the collapse of FTX.

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