Bloomberg reports: Kraken plans to launch stock trading in the US and UK
According to Bloomberg, the U.S.-based cryptocurrency exchange Kraken plans to offer customers the option to buy and sell traditional listed stocks in the United States and the United Kingdom.
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The report cited anonymous sources that the cryptocurrency exchange, founded in 2011, is looking to launch this service next year. The report also stated that the service will be available for trading in the United States and the United Kingdom and will be managed by a new division called Kraken Securities.
This move will put Kraken in competition with the U.S. brokerage platform Robinhood, which also allows its users to trade traditional stocks and cryptocurrencies. FTX.US also allowed customers to trade stocks in the months leading up to its closure.
The anonymous sources also mentioned that Kraken has obtained the necessary authorization in the UK and has applied for a broker-dealer license with the U.S. Financial Industry Regulatory Authority.
However, according to the UK FCA website, Kraken's current license is registered with the Financial Conduct Authority (FCA) under anti-money laundering regulations as a crypto asset company, registered as Payward LTD, and trades under the names Kraken Digital Asset Exchange, Kraken Exchange, and Payward LTD.
A spokesperson for Kraken stated:
While we cannot comment on rumors or speculation, we are looking to expand and enhance our offerings so that customers can continue to safely and seamlessly use Kraken's full suite of product services.
According to the UK website, Kraken Security was dissolved in September 2022. Further confirmation is needed regarding whether they have obtained regulatory authorization as reported by foreign media.