Kraken Plans to Let Users Trade U.S. Stocks
Kraken, a crypto platform, plans to let users trade U.S. stocks by 2024. They're expanding, but also facing some challenges.
Cryptocurrency platform Kraken is said to be planning to let users trade stocks and ETFs in the U.S. This new feature, called Kraken Securities, is expected to start in 2024 in both the U.S. and the U.K. They have the necessary permissions from financial authorities in these countries.
A year ago, another platform, FTX US, wanted to do something similar but the company collapsed before making it possible. Some apps like Robinhood lets people trade both stocks and cryptos. However, most U.S. crypto exchanges mainly deal with crypto.
Recently, Kraken said they got permissions to work in Spain and Ireland. However, there are challenges too. They're dealing with a lawsuit in Australia related to a trading product and, in the past, had to settle with the U.S. financial watchdog for $30 million. Kraken hasn't commented on these issues yet.
