Just In: Kraken Expands US Presence With TradeStation Crypto Buyup

Cryptocurrency exchange Kraken has taken another move towards expanding its regulatory licensing with the acquisition of TradeStation Crypto. 

TradeStation Crypto To Unlock New Opportunities

TradeStation Crypto is the digital assets unit of TradeStation Group which is part of Monex Group. A Kraken spokesperson confirmed that the transaction is part of the company’s efforts to accelerate its United States presence. He was also very positive about how the acquisition will unlock further growth and new product opportunities for Kraken in the U.S.

Before this time, no public mention has been made by either of the parties about the takeover. 

For context, the SEC described the TradeStation program that offered investors interest earnings from their crypto deposits as a security. It is therefore required that it is registered under the federal laws but the Florida-based firm failed in this regard. Consequently, the SEC intervened, leading to the suspension of service about two years ago. 

Noteworthy, the $3 million fine is a settlement for both the SEC and the North American Securities Administrators Association (NASAA). This setback prompted the parent firm TradeStation to announce a withdrawal from crypto. 

Kraken Celebrates Other Big Wins

On the other hand, the acquisition of TradeStation is only one of the steps that the crypto exchange has taken in recent times to establish its foothold in the U.S.