Kraken UK Subsidiary Obtains FCA Trading License

Kraken’s London-based subsidiary, Crypto Facilities, has reportedly become the first firm to get a trading license from the UK regulator, the Financial Conduct Authority (FCA).

Kraken’s Crypto Facilities Becomes First in Europe With Trading License

According to Financial News on Monday (July 6, 2020), the Multilateral Trading Facility (MTF) license will enable the crypto futures platform to offer its derivatives market to institutional investors. Timo Schlaefer, Chief Executive at Crypto Facilities, stated that it took the crypto company about two years to obtain the FCA approval. Schlaefer further said the UK financial regulatory was thorough during the process. Commenting on the importance of the license, Schlaefer said: “Traditional trading firms could have traded with Crypto Facilities before, but they might have internal compliance requirements that limit them to trading on regulated trading venues Many times, if some exchange gets some sort of payments license, they then announce it as them then being regulated.” With the MTF license, Crypto Facilities becomes the first licensed crypto derivatives platform in Europe. Kraken, a major U.S.-based crypto exchange acquired Crypto Facilities in 2019, for $100 million. Read More...

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