Online brokerage acquired by Kraken TradeStation’s cryptocurrency division is growing in the US

  • On Thursday, Kraken announced that it has purchased TradeStation cryptocurrency in order to broaden its clientele in the US.
  • Over forty states in the United States have money transmission licenses held by the company it bought.

TradeStation, an online brokerage, has purchased its cryptocurrency division, Kraken.

The acquisition was announced on Thursday following a CoinDesk article, however Kraken has not revealed the closing date.

The acquisition is a component of the exchange’s efforts to expand its offerings in the United States, according to a statement provided by Kraken. 

The company’s larger expansion strategy, which included the exchange obtaining licenses in several important European nations, including Spain and Ireland, earlier this year, includes Kraken’s growth within the United States.

The crypto business of TradeStation has been acquired by Kraken, as we can confirm, the company said in a statement on Thursday. The deal will allow Kraken to expand even more and pursue new product prospects in the United States. It is a part of our attempts to strengthen our position in the country.

The U.S. Financial Crimes Enforcement Center’s (FinCen) database shows that TradeStation Crypto is licensed to transfer money in 47 states, Washington, D.C., and Puerto Rico. According to FinCen, cryptocurrency exchanges operating in the United States are required to register their business activities at the federal level and get money transmitter licenses from each jurisdiction in which they operate in order to avoid breaking the law.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Lalit Mohan

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