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Kraken Is Buying TradeStation Crypto, Expanding Cryptocurrency Exchange's U.S. Reach
The takeover, which hasn't been previously disclosed publicly, expands the cryptocurrency exchange's regulatory licensing in the U.S.
Updated Apr 18, 2024, 9:01 p.m. Published Apr 18, 2024, 6:12 p.m.
- Kraken has acquired TradeStation Crypto to help the exchange expand its footprint in the U.S.
- Florida-based TradeStation Crypto acquired money transmitter and other types of regulatory licenses in most U.S. states over the past few years.
Cryptocurrency exchange Kraken is acquiring TradeStation Crypto, the digital asset-focused division of online brokerage TradeStation, to expand its regulatory licensing in the U.S.
"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," a Kraken spokesperson said via email. The company declined to disclose the amount paid.
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The takeover hasn't previously been disclosed publicly.
Florida-based TradeStation Crypto has acquired money transmitter and other types of regulatory licenses in most U.S. states over the past few years.
However, the crypto broker had a run-in with the U.S. Securities and Exchange Commission over a lending service, which resulted in a $3 million settlement. Parent firm TradeStation announced a withdrawal from crypto.
The company was also behind a physical manifestation of Miami Mayor Francis X. Suarez's ambition to turn his city into a crypto hub. In early 2022, TradeStation Crypto commissioned the Miami Bull, an 11-foot, 3,000-pound statue that was unveiled by Suarez.
Kraken is expanding in the European Union, too. In recent months, it announced the acquisition of Netherlands-based crypto firm BCM and collected a number of virtual asset service provider licenses across the region.
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