Kraken News: Secures EMI License for Faster UK Crypto Transactions and Expanded Offerings

Kraken, a prominent cryptocurrency exchange, has announced a significant development in its UK operations with the acquisition of an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA). This move is set to enhance the experience for UK crypto traders by facilitating faster deposits and withdrawals, and paving the way for expanded offerings and partnerships.

Kraken Gains EMI License: Faster Deposits and Withdrawals for UK Crypto Traders

Kraken has secured approval from the Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI) in the UK. This license enables Kraken to issue electronic money, facilitating faster and more convenient deposits and withdrawals for UK users. With this new authorization, Kraken aims to form partnerships with traditional financial institutions and expand its crypto offerings in the UK. The exchange’s increased presence in the UK is further bolstered by partnerships with major sports brands like Williams Racing F1 and Tottenham Hotspur FC.

Dormant Ether Whale Moves $13M in ETH to Kraken

An ether (ETH) whale, who has held the token since its ICO, moved 7,000 ETH worth $13.8 million to crypto exchange Kraken on Monday. The move came as the ETH price plummeted due to U.S. recession fears, reaching $1,760, the lowest since October 2023, and last traded at $1,900. Large inflows into exchanges are often seen as investors’ intention to liquidate or use the asset as margin/collateral, leading to price volatility. The whale still holds over 30,000 ETH worth more than $50 million.