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Kraken Accelerates Banking Plan Despite Regulatory Challenges

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According to reports, Marco Santori, Kraken\’s chief legal officer, said in the podcast that although the regulatory environment was full of challenges, Kraken …

Kraken Accelerates Banking Plan Despite Regulatory Challenges

According to reports, Marco Santori, Kraken’s chief legal officer, said in the podcast that although the regulatory environment was full of challenges, Kraken was accelerating the launch of its own banking plan. Santori added that Kraken’s banking relationship is safe. Santori declined to discuss the settlement of the Securities and Exchange Commission in detail, but he said that pledge only accounted for a small part of Kraken’s income, and Kraken neither admitted nor denied any allegations in the complaint.

Kraken Chief Legal Officer: Accelerating the launch of the banking plan

Interpretation of the news:


Kraken, one of the largest cryptocurrency exchanges in the world, is reportedly accelerating the launch of its own banking plan despite facing various regulatory challenges. In a recent podcast, Marco Santori, Kraken’s chief legal officer, stated that the company’s banking relationship is secure and that they are moving forward with their plans to launch a banking service.

The regulatory landscape for cryptocurrency exchanges has been challenging, with many facing increasing scrutiny from governments and financial regulators. However, Kraken has been able to maintain a stable banking relationship, which is a crucial component of its business operations. Having a banking partner allows the exchange to support fiat currency deposits and withdrawals, which are necessary for customers to buy and sell cryptocurrencies.

Kraken’s decision to accelerate its banking plan could be a strategic move to address some of the regulatory challenges facing the industry. By launching its own banking service, Kraken can have more control over its operations and reduce its reliance on third-party banks. This move could also help the exchange to comply with various regulatory requirements, such as know-your-customer (KYC) and anti-money laundering (AML) regulations.

Santori’s comments on the settlement with the Securities and Exchange Commission (SEC) were also notable. The SEC had charged Kraken with illegally offering security-based swaps, but the exchange neither admitted nor denied any allegations in the complaint. Santori stated that the settlement only accounted for a small part of Kraken’s income and declined to discuss it in detail. This suggests that the impact of the settlement on the exchange’s operations was minimal.

In conclusion, Kraken’s decision to accelerate its banking plan is a bold move in the face of regulatory challenges. The exchange’s ability to maintain a stable banking relationship is a testament to its strong business operations. Launching its own banking service could be a strategic move that allows the exchange to have more control over its operations and comply with regulatory requirements. However, the success of Kraken’s banking plan will depend on how well it navigates the regulatory landscape and builds trust with customers.

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