Cryptocurrency exchange Kraken will open its own bank “very soon” despite problems with US regulators. It is reported by The Block.
According to him, recent developments in the field of crypto banking speak of “an unfavorable environment in the United States.” He pointed to the situation with Silvergate Bank, which had to close its SEN payment network due to high risks for customers.
The lawyer warned that excessive caution in the banking sector could “stifle future innovation.”
A spokesman for the exchange also said that Kraken’s connections in the financial sector have always been secure, and pointed to the existence of a “diversified group of banks around the world.”
Earlier it became known that the company faced accusations from the US Securities and Exchange Commission (SEC). The regulator’s attention was drawn to the exchange’s “unregistered” staking program.
In February, Kraken agreed to pay $30 million in fines as part of its settlement with the SEC.
Suntory noted that this situation “will greatly affect the range of products of the exchange in the United States.” In his opinion, the current regulatory framework forces users to use less secure offshore exchanges.
Source: bitcoinlinux.com
