Kraken’s Chief Legal Officer Marco Santori has reported that their own bank, Kraken Bank, is on track to launch soon, despite a difficult regulatory environment in the US and problems with Silvergate Bank.
Santori has warned that banks in the US are becoming increasingly cautious, which could stifle future innovation. He has also stated that the exchange has secure connections in the financial sector, and that the recent settlement with the SEC concerning their “unregistered” staking program will greatly affect their range of products in the US.
Santori has further noted that this forces US users to resort to less secure offshore exchanges. In February, Kraken agreed to pay $30 million in fines as part of its settlement with the SEC, and earlier this year, it announced its departure from the Japanese market.