Kraken Secures FCA Approval For Electronic Money Institution License
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Kraken, a leading cryptocurrency exchange, has received approval from the UK’s Financial Conduct Authority (FCA) for an Electronic Money Institution (EMI) license. This authorization allows Kraken to issue electronic money and offer faster deposit and withdrawal services for its UK clients.
This is part of Kraken’s plan to grow and do more in the UK. The company wants to make things easier for people who buy and sell crypto. Now, UK customers can use Kraken’s services more smoothly.
Kraken Strengthens Its Position In The UK With EMI License And US Legal Victory
This news comes after Kraken won a case in the US. Before, the US Securities and Exchange Commission (SEC) had said Kraken was running without the right rules. But now, the case is over, and Kraken can go back to letting US customers do on-chain staking. This lets people earn rewards on their crypto while keeping it safe.
Getting the EMI license makes Kraken stronger in the UK. Many people in the UK already use Kraken to trade crypto. The company lets people buy and sell more than 300 kinds of cryptocurrency. It also has the most trades done in British pounds compared to others.
Kraken wants to follow the rules while still bringing new things to the crypto world. The FCA license proves that Kraken can do both. The company wants to keep things safe for users while also making better services.
Kraken Aims To Expand Crypto Access For UK Users With New Partnerships
Kraken’s UK General Manager, Bivu Das, said that this license is just the start. The company has big plans for people in the UK. Kraken wants to bring new ways for people to use crypto that can help them in real life.
More and more people in the UK are getting into crypto. FCA says more than seven million adults in the UK now own some crypto. Because of this, Kraken is growing fast in the country. The UK has one of the busiest crypto markets, and Kraken is leading the way.
Kraken has also joined hands with big UK sports teams. It works with Williams Racing F1 and Tottenham Hotspur FC. This helps Kraken reach more people who may want to start using crypto.
With this new license, Kraken is set to grow even more in the UK. It will keep giving users safe and easy ways to trade and use crypto. The company plans to bring in more tools and services that will help UK customers do even more with their digital money.
