Kraken crypto exchange secured a new level of regulatory approval in the jurisdiction of Bermuda to provide crypto derivative services.
Kraken, a popular US-based cryptocurrency exchange founded in 2011, offers a wide range of digital assets like Bitcoin, Ethereum, and altcoins. Known for its strong security and advanced trading features, Kraken serves both individual and institutional investors.
On 3 Oct 2024, Kraken unveiled its new global derivatives venue in Bermuda, as it prepares to open up a fast-expanding part of the space to clients looking for a properly licensed venue in a sophisticated, internationally respected jurisdiction.
Kraken Launches Regulated Derivatives Venue in Bermuda https://t.co/k67eBedsZr pic.twitter.com/WN45DblhrW
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Kraken will now allow clients to trade over 200 different contracts for crypto derivatives in a regulated environment.
In an interview with popular crypto news media, Alexia Theodorou of Kraken Derivatives said that Kraken received a licence from the Bermuda Monetary Authority (BMA).
That Kraken official said, “The BMA has demonstrated that it is committed to fostering innovation. Its licensing process is rigorous yet fair, and both protects consumers and ensures businesses operate with transparency and integrity: something Kraken is fully aligned with.”
Kraken vs SEC
Although this crypto exchange is known for its compliant crypto trading services, it still paid $30 million in a settlement with the United States Securities and Exchange Commission (SEC) and agreed to shut down crypto staking operations in the country in February 2023, as the SEC argued that high-yield crypto reward services violated the Securities Act.
Later in 2023, the SEC charged Kraken with “operating a crypto trading platform as an unregistered securities exchange, broker, dealer, and clearing agency.” The case is currently in court, and it is expected that there will be a significant delay in reaching a final resolution, as many crypto companies face similar legal challenges from the SEC.
Read also: HBO Set to Uncover the True Identity of Bitcoin Creator Satoshi Nakamoto in Exclusive Documentary!
Kraken Secures Regulatory Green Light in Bermuda to Launch Crypto Derivatives Trading
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