Cryptocurrency exchange Kraken will open its own bank “very soon” despite problems with US regulators. This is reported The Block.
“Kraken Bank is on track to launch […]. We’re going to have these little ball chain pens. We’ll order thousands of them and stick them on the tables of every Wall Street bank everywhere. With our logo,” said Marco Santori, chief legal officer of the company.
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 shut down its payment network. SEN due to high risks for clients.
The lawyer warned that excessive caution in the banking sector could “stifle future innovation.”
“We are returning to an era where banks will be very careful about the accounts they open. Wall Street will be fine. Kraken and Coinbase will be fine. But people who have new ideas to improve the infrastructure of the crypto economy have a very difficult path ahead in the next few years,” Suntory added.
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.
Recall that at the beginning of 2023, Kraken decided to leave the Japanese market.
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