Kraken Dives Into Crypto Expansion With Tradestation Acquisition

• Kraken announced on Thursday its acquisition of TradeStation crypto, aiming to broaden its business presence in the United States.
• The acquired company possesses money transmitting licenses across over 40 U.S. states.

Kraken has purchased the cryptocurrency division of online brokerage TradeStation.

Although news of the acquisition surfaced on Thursday via a CoinDesk report, the exact closing date remains undisclosed as Kraken opted not to reveal it. TradeStation declined to comment to CoinNerd.

According to a Kraken representative’s statement to CoinNerd, the acquisition is a move to enhance the exchange’s offerings in the U.S. Kraken’s expansion in the States aligns with its broader strategy, which includes obtaining licenses in significant European markets like Spain and Ireland earlier this year.

“We can confirm Kraken has recently purchased TradeStation’s crypto business,” the company said in a statement Thursday. 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.”

According to the U.S. Financial Crimes Enforcement Center’s (FinCen) database, TradeStation Crypto possesses money transmitter licenses in 47 states, as well as in Washington D.C. and Puerto Rico. To comply with regulations, crypto exchanges in the U.S. must secure money transmitter licenses for each jurisdiction where they function and register their business operations at the federal level, as stipulated by FinCen.

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