Kraken, a US-based digital asset exchange, has completed the acquisition of TradeStation Crypto, the digital asset-focused division of online brokerage TradeStation. This strategic move is aimed at expanding Kraken’s regulatory licensing in the United States and bolstering its presence in the country’s burgeoning cryptocurrency market.
The acquisition of TradeStation Crypto marks a significant milestone for Kraken as it seeks to strengthen its foothold in the US market. Officials from Kraken have confirmed the purchase of TradeStation’s crypto business, emphasizing that the transaction is part of their broader strategy to accelerate growth and unlock new product opportunities in the country.
TradeStation Crypto has been instrumental in obtaining money transmitter and other regulatory licenses across most US states in recent years. However, the crypto broker encountered regulatory challenges, including a settlement of USD 3 million with the US Securities and Exchange Commission over a lending service. As a result, the parent firm, TradeStation, announced its withdrawal from the crypto market.
Kraken’s expansion efforts extend beyond the United States, with a focus on strengthening its presence in the European Union. In addition to the acquisition of TradeStation Crypto, Kraken recently announced the acquisition of Netherlands-based crypto firm BCM and secured several virtual asset service provider licenses across the European region.
Kraken remains committed to providing a secure and compliant trading platform for cryptocurrency enthusiasts worldwide, with a continued emphasis on regulatory compliance and customer satisfaction.