Kraken, a leading cryptocurrency exchange, has announced the acquisition of TradeStation Crypto, the digital asset-focused division of online brokerage TradeStation. The acquisition, which expands Kraken’s regulatory licensing in the U.S., marks a significant step forward in the exchange’s efforts to accelerate its presence and unlock new growth opportunities in the American market.
A spokesperson for Kraken confirmed the acquisition, stating, “We can confirm Kraken has recently purchased TradeStation’s crypto business. The transaction is part of our efforts to accelerate our U.S. presence and will unlock further growth and new product opportunities for Kraken in the U.S.” However, the financial details of the acquisition were not disclosed.
TradeStation Crypto, based in Florida, has obtained money transmitter and other regulatory licenses across most U.S. states in recent years. Despite its regulatory achievements, TradeStation Crypto faced challenges, including a $3 million settlement with the U.S. Securities and Exchange Commission over a lending service. Following this incident, TradeStation Crypto’s parent company announced its withdrawal from the crypto space.
Notably, TradeStation Crypto played a role in Miami Mayor Francis X. Suarez’s vision to establish Miami as a crypto hub. The company commissioned the Miami Bull, an 11-foot, 3,000-pound statue unveiled by Mayor Suarez in early 2022.
Kraken’s acquisition of TradeStation Crypto underscores its commitment to strengthening its presence not only in the U.S. but also in the European Union. In addition to the TradeStation Crypto acquisition, Kraken recently announced the purchase of Netherlands-based crypto firm BCM and secured multiple virtual asset service provider licenses across the EU.