Kraken offers stock trading as exchanges comply with exchange rules
Cryptocurrency exchanges are adopting alternative strategies to conduct business in the face of strict crypto regulatory environments around the world. Signs are everywhere.
Kraken is reportedly moving to offer a security business in the United States and the United Kingdom to expand its reach and compete with popular apps like Robinhood. On the other hand, Jimny is expanding its development center in India with an investment of 24 million dollars.
Another challenge for crypto exchanges is licensing and dealing with regulators. Binance opened a branch in Belgium this week after a three-month hiatus in the country due to problems with local regulators.
Kraken has expanded its European license and now offers trading services from euro to crypto in 27 EU member states and countries in the European Economic Area. As crypto regulations evolve, exchanges are adapting to incorporate new age practices.
This week's CryptoBiz covers Kraken's securities arm, Gemini's expansion into India, Binance's return to Belgium, and an Argentinian oil company investing in crypto mining.
Crypto exchange Kraken plans to move into US stock trading: Report
Kraken reportedly plans to offer trading services to stock and exchange-traded funds listed in the United States. The crypto exchange plans to launch its trading services in the US and UK in 2024 through a new division called Kraken Securities. Expansion beyond cryptocurrencies requires approval from the Financial Industry Regulatory Authority and UK financial regulators. Meanwhile, in Europe, Kraken received an Electronic Financial Institution license from the Central Bank of Ireland and a Virtual Asset Service Provider (VASP) license from the Bank of Spain. The Irish license will allow Kraken to expand its euro-to-crypto trading services to 27 EU member states and European Economic Area countries. The VASP registration in Spain allows Kraken to offer exchange and wallet holding services.
Cryptocurrency @krakenfx is reportedly planning to expand its services by offering users the ability to trade US-listed stocks and ETFs https://t.co/mX0MlXOVkL
— Cointelegraph (@Cointelegraph) September 27, 2023
Gemini has invested 24 million dollars for expansion in India
Cryptocurrency Gemini has earmarked 2 billion rupees ($24 million) to expand in India. The funds will be used to develop the exchange's development hub in Gurgaon, Delhi's main satellite city. Since its launch in May, Gemini's Gurgaon development center has grown to over 70 employees, hiring for software engineers, technical product managers, talent acquisition, finance, support and compliance. In supporting the expansion, Gemini cited the Indian government's “robust support framework for startups to thrive.” The move is part of Gemini's “big plans for global growth in APAC this year”.
Crypto exchange Binance reopens exchange services in Belgium.
Crypto exchange Binance has reopened access to products and services for Belgian users – three months after Belgium's financial regulator ordered the exchange to stop offering services related to the cryptocurrency. “New registrations of Belgian residents are welcome again on our platform,” said Binance, adding that various products and services will be accessible again to Belgian users who accept the new terms of use in the country. Binance did not say what changes were made to allow it to continue operating in Belgium. Elsewhere in Europe, Binance has indicated plans to delist stablecoins for the European market by June 2024 to comply with the EU's Incoming Markets in Crypto-Assets (MiCA) legislation, which will take effect around then.
Great news for our Belgian community
We have now opened registrations and access to #Binance products and services in Belgium. https://t.co/IAactiqYMjm
— Binance (@binance) September 25, 2023
An Argentinian oil company is about to start producing crypto from gas power surpluses.
Buenos Aires-based oil company Tecpetrol has decided to turn excess gas into energy for cryptocurrency mining. According to local media, Tesipetrol plans to drill at least 35,000 barrels of oil per day at the facility, but due to the lack of infrastructure to use the gas being released, the company has decided to explore cryptomining. Tecpetrol hopes to start mining operations between late October and early November. The primary goals are to reduce environmental impact by eliminating gas emissions and generating additional profits. As part of the plan, he is working with an American company that has experience implementing similar strategies.
This week's CryptoBiz covers Kraken's securities arm, Gemini's expansion into India, Binance's return to Belgium, and an Argentinian oil company investing in crypto mining.
