Cryptocurrency exchanges are adopting alternative strategies to conduct their business in a strong global crypto regulatory environment. The signs are everywhere.
Kraken is reportedly offering stock trading in the US and UK to expand its reach and compete with popular apps like Robinhood. On the other hand, Jimny is expanding its presence in India by investing 24 million dollars in its development center.
Another challenge for cryptocurrency exchanges involves licensing and dealing with regulators. Binance opened its Belgian office this week after three months in the country due to issues with local regulators.
Kraken has expanded its European licenses and now offers euro cryptocurrency trading services in all 27 EU member states and European Economic Area countries. As crypto regulations evolve, exchanges are adapting to the new era of operations.
This week's crypto activity includes the Kraken Securities division, Gemini's expansion into India, Binance's return to Belgium, and an Argentine oil company mining cryptocurrency.
Cryptocurrency exchange Kraken plans to enter US stock market: Report
Kraken is reportedly planning to offer stock and exchange trading services in the United States. The cryptocurrency plans to launch its trading services in the US and UK in 2024 through a new unit called Kraken Securities. Expansion beyond cryptocurrencies would require approval from the Financial Industry Regulatory Authority and UK financial regulators. Meanwhile, in Europe, Kraken has received an Electronic Money Institution license from the Central Bank of Ireland and a VASP (Virtual Asset Service Provider) registration from the Central Bank of Spain. The Irish license will allow Kraken to expand its Euro-cryptocurrency trading services to the 27 EU member states and countries within the European Economic Area. VASP registration in Spain allows Kraken to offer wallet exchange and protection services.
Gemini has invested 24 million dollars to expand to India
Cryptocurrency Gemini has earmarked 2 billion rupees ($24 million) to expand in India. These funds will be used to expand the Stock Market Development Center in Gurgaon, a major satellite city of Delhi. Since its launch in May, the Gemini Gurgaon Development Center has grown to more than 70 employees, including active software engineers, technical product managers, talent acquisition, finance, support and compliance. To support this expansion, Gemini highlighted the Indian government's "robust support framework for startups to grow." The move is part of Gemini's "big plans for global growth in the APAC region this year."
Cryptocurrency exchange Binance relaunches trading services in Belgium
Cryptocurrency exchange Binance has reopened access to products and services for Belgian users, three months after the Belgian financial regulator ordered the exchange to stop offering cryptocurrency-related services. "New registrations from 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 disclose the changes it made to allow services to continue in Belgium. Elsewhere in Europe, Binance has announced plans to list its stablecoin on European markets in June 2024 to comply with the European Union's Crypto Assets Act (MiCA), which is expected to come into force on that date.
