Kraken is the First Crypto Exchange to be Approved as a Bank in the US

By Abhimanyu Krishnan | News | 17 Sep 2020

San Francisco based exchange Kraken has received approval from the Wyoming Banking Board to serve as a special purpose depository institution (SPDI), according to an announcement made on  September 16.

  • The approval makes Kraken the first crypto exchange in the US to become a bank, which has been named Kraken Financial
  • By receiving the license, Kraken Financial will be able to operate in other states without requiring individual approval from states
  • David Kinitsky, Managing Director at Kraken and CEO of Kraken Financial, said that this would give Kraken direct access to federal payments infrastructure, besides allowing for seamless banking and funding options for users
  • Kinitsky also hinted at several new offerings, including qualified custody for institutions, digital-asset debit cards and savings accounts all the way to new types of asset classes

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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