Kraken, the cryptocurrency exchange, in its attempt to consolidate its presence in the US, has acquired TradeStation Crypto, the subdivision of online brokerage TradeStation that handles digital assets. More licenses obtained by Kraken will result in a boost to the company’s regulatory standing in the US.
Florida-based TradeStation Crypto has been acquiring various regulatory licenses and approvals, including money transmission licenses in most US states during the past years. By Kraken’s strategic acquisition of TradeStation Crypto, its widely-used regulatory structure could be utilized to bring out new products and growth opportunities to the US market.
Despite the fact that the financial details of the deal are still unknown, a representative of Kraken confirmed the purchase via email, indicating that this is part of their strategy for fast US expansion. In fact, after a $3 million settlement with the SEC over their lending service, the parent company of TradeStation Crypto decided to exit the crypto space.
This acquisition is one of the multiple milestones Kraken embarks on in its endless expansion process. The firm has just finished acquiring a Dutch crypto company and now possesses EU-wide granting of virtual asset service provider licenses.
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