Kraken acquires online brokerage TradeStation’s cryptocurrency division amid U.S. expansion
Kraken has acquired the cryptocurrency division of online brokerage TradeStation.
News of the acquisition emerged Thursday following a report by CoinDesk, but the closing date is still unclear as Kraken declined to disclose it. TradeStation declined to comment to The Block.
The acquisition is part of the exchange’s efforts to expand its services in the U.S., a Kraken spokesperson said in a statement to The Block. Kraken’s growth in the US forms part of the company’s broader expansion strategy, with the exchange acquiring licenses in several key European markets, including Spain and Ireland, earlier this year.
“We can confirm that Kraken recently acquired TradeStation’s cryptocurrency business. This transaction is part of our efforts to accelerate our U.S. presence and will open up opportunities for further growth and new products for Kraken in the U.S.,” the company said in a statement Thursday. It was revealed.
According to the U.S. Financial Crimes Enforcement Center (FinCen) database, TradeStation Crypto holds money transfer licenses in 47 states, Washington DC, and Puerto Rico. To avoid violating the law, cryptocurrency exchanges in the United States must obtain a money transmitter license for every jurisdiction in which they operate and register. business activities at the federal level; according to To FinCen.
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About the author
Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, cryptocurrency, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. X: Follow her at @LizKNapolitano.
