Cryptocurrency exchange Kraken has acquired TradeStation Crypto, the digital asset-focused division of online brokerage TradeStation, to expand its regulatory licensing and presence in the United States.
TradeStation Crypto, based in Florida, has obtained money transmitter and other regulatory licenses across most U.S. states in recent years. Kraken’s acquisition of TradeStation Crypto marks a strategic step to accelerate its growth and introduce new product offerings in the U.S. market.
A spokesperson for Kraken confirmed the acquisition, stating that it aligns with the company’s objectives to enhance its footprint in the U.S. market. However, the spokesperson declined to disclose the financial details of the transaction.
The acquisition comes after TradeStation Crypto faced regulatory challenges, including a $3 million settlement with the U.S. Securities and Exchange Commission over a lending service. After this incident, TradeStation’s parent company withdrew from the cryptocurrency space.
TradeStation Crypto gained attention for its involvement in Miami Mayor Francis X. Suarez’s initiative to establish the city as a crypto hub. Notably, the company commissioned the Miami Bull, an 11-foot, 3,000-pound statue unveiled by Mayor Suarez in early 2022.
In addition to its U.S. expansion, Kraken has been making strides in the European Union. The exchange recently announced the acquisition of Netherlands-based crypto firm BCM and secured virtual asset service provider licenses across the region as part of its ongoing growth strategy.
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Source: https://cryptocurrencynews.com/kraken-bolsters-u-s-presence-with-acquisition-of-tradestation-crypto/
