Controversial crypto exchange Kraken is reportedly moving towards the idea of launching its own bank. The move by the exchange comes after being imposed by the U.S. Securities and Exchange Commission. (SEC) for failing to register a crypto asset staking program.
Based on reports, Marco Santori, Kraken's chief legal officer, stated in a podcast that Kraken Bank is in the process of being realized.
However, Kraken on its website has mentioned that it plans to launch its bank in 2022. It added that the service will first be provided to US Kraken customers and then to others. Meanwhile in 2023, the exchange has settled for $30 million with US Sec.
US Sec in the release mentioned that the two Kraken entities agreed to stop offering or selling securities through the crypto asset staking program.
Additionally, Kraken legal officials declined to comment on the settlement with US Sec. He added that staking has been a small part of Kraken's revenue. Meanwhile, the exchange did not admit or deny any of the claims raised in the complaint. He added that the lawsuit does not affect its product mix in the U.S.
