The U.S.-based crypto exchange Kraken's chief legal officer, Marco Santori, revealed that the exchange continues its plans to launch its own bank.
"Kraken Bank is very much on track to launch very soon," Santori stated.
- Santori made the announcement during Frank Chaparro's recent The Scoop podcast.
- The
Kraken official stated that the exchange has a diverse global network
of banks and their ties with banks are secure while commenting on
Silvergate Bank's recent closure of the Silvergate Exchange Network
(SEN) platform.
- The chief legal officer also warned that the increased caution in the banking industry could prevent innovation.
- He
added that crypto could become electoral fodder when the presidential
race starts in the U.S., though he does not believe conspiratorial
claims around the crypto industry.
- On the other hand, Santori declined to further comment on their settlement with the U.S. Securities and Exchange Commission (SEC) but said Kraken neither admits nor denies any of the allegations.
- He just stressed that staking service made up a small percentage of Kraken's revenue.
- The
disclosure of plans came amid a complicated regulatory environment for
Kraken as the exchange recently was under scrutiny from the SEC with the
claims that it violated securities laws through its staking service.
- The popular crypto exchange had to pay a $30M fine and halt the operations of its staking service to settle with the SEC.
