Cryptocurrency Exchange Kraken Acquires TradeStation Crypto

Kraken, a well-known cryptocurrency exchange, is set to buy the crypto arm of TradeStation, an online brokerage firm, in order to broaden its US regulatory permissions.

A Kraken representative confirmed via email that they have recently acquired TradeStation’s crypto business. This deal is part of Kraken’s plan to strengthen its presence in the US market and brings new prospects for expansion and introducing fresh products within the U.S. The financial details of the transaction were not disclosed.

The takeover hasn’t previously been disclosed publicly.

Over the past few years, TradeStation Crypto, headquartered in Florida, has obtained various regulatory licenses, including money transmitter licenses, in nearly all US states.

The crypto broker encountered issues with the U.S. Securments and Exchange Commission regarding a lending service, leading to a $3 million settlement. Consequently, TradeStation, the parent company, decided to exit the cryptocurrency market.

TradeStation Crypto, in collaboration with Miami Mayor Francis X. Suarez, brought his vision of making Miami a crypto hub to life in early 2022. They commissioned and unveiled the Miami Bull, an impressive 11-foot tall and 3,000-pound statue, during this time.

Kraken, the cryptocurrency company, is growing its presence in the European Union as well. Lately, they have completed the purchase of a Dutch crypto firm called BCM, and have obtained several Virtual Asset Service Provider (VASP) licenses throughout the EU.