Crypto exchange Kraken announced the launch of its own bank

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The American crypto exchange Kraken has confirmed its intention to open its own banking institution, despite the complex regulatory environment and claims from regulators.

The statement came against the backdrop of Kraken’s refusal to provide services to Signature Bank, which was hit by
under investigation by US law enforcement agencies in the case of complicity in the fraud of the FTX Group.

As follows from a recent message inTwitter, the specific date for the opening of the bank, which is tentatively called Kraken Financial, has not yet been determined, however, every client of the exchange can now subscribe to notifications and be aware of upcoming events.

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Hey Wayne,

Kraken Bank is not open yet but on its way! The offering will initially be available to existing Kraken clients in the USA with potential international expansion in the future.

You can subscribe to Kraken Bank updates here https://t.co/m3yPoGpu2g

Kraken Support

— Kraken Support (@krakensupport) March 6, 2023

First, Kraken Financial services will be available to exchange clients in the United States, and then, the exchange promises, throughout the world.

Earlier&nbsp;in an interview with the media&nbsp;generalKraken Financial director David Kinicki and Kraken CLO director Marco Santori said that with the help of their bank, the world's third largest crypto exchange will be able to reduce its dependence on the services of third-party financial institutions.

State regulatorsWyoming granted the Kraken crypto exchange a license to create a crypto bank as a special purpose depository institution (SPDI) back in 2020. In fact, this allowed Kraken to become the first cryptocurrency exchange in the US to open its own bank. The status of a regulated depository institution allows the bank to provide custodial services and store digital assets of exchange clients, manage payment systems and process client payments both in national currencies and in crypto-assets.

In early March, Kraken reported
on the cessation of activities in the United Arab Emirates, as well as support for retail and institutional clients in this region of the world.