Kraken is on track to launch bank 'very soon' despite regulatory 'weird place'
Kraken is moving ahead with plans to launch its own bank despite a challenging regulatory environment and the recent shuttering of its on-chain staking services for U.S. clients to settle U.S. Securities and Exchange Commission charges that it violated securities laws. Kraken’s banking relationships are secure, Santori added.
A new bank born from the crypto sector would come at a tumultuous time for an industry still dealing with the widespread fallout from the collapse of FTX. There have been multiple enforcement actions over the past several weeks and rising uncertainty on the regulatory front. SEC Chair Gary Gensler said last month that the Kraken settlement, which included $30 million in fines, should "put everyone on notice in this marketplace."Santori declined to discuss the SEC settlement in detail, but said that staking had been a small percentage of Kraken's revenue.
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