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Would you store your crypto coins with the new kraken bank?

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tacokai

Mentor Group Gold
I just read the news about kraken that got their first Cryptocurrency Bank License doh948"" I was chocked to read about it and wonderif this is the beginning of ass raping, KYC and CRS in the crypto market?

Check out the news here:


This is a historic development. A milestone in Bitcoin’s path to broad acceptance and recognition. The State of Wyoming in the US approved Kraken’s application, one of the first cryptocurrency exchanges, to establish a Special Purpose Deposits Institution (SPDI). In other words, the world’s first official bank license for digital assets was granted.

Why is this a milestone for them, only if they exchange information with various governments and tax office on a global scale it make sense to me that they obtain a license to get regulated.

Anyone using kraken to store their coins may be insane, or what is it I don't understand here?
 

khinkali

Entrepreneur
Given the path that OECD members are taking, is being a VASP with a banking licence worse than being any other kind of VASP in a high regulation country?
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
with that said and revealed, either Kraken had to sign up or sink and go bust...The SPDI is a synergy of what all banks do worldwide based on customer acct,transactions,deposits etc,coupled with mix of how EMI's operated...think about Kyc/Aml/facta/ crs/ and more,all having a big party in one boat...
A Big Fish Somewhere around the world is scheming how to jump of the Kraken ship,before it becomes sushi..

Lots of ripple effect on the horizon,thats for sure..cig-:,
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
what do you mean with that?
Due to kraken, levelling up towards becoming a bank or lets say A crypto exchange that has bank like abilities (with an official bank license), would have to adapt or change its modus operandi and as such, customers would be told provide additional docs, certain financial declarations made, an upgrade to video verification,changes in fees,terms&conditions,Clauses that would enable anti laudering, etc.. Good old kraken might just be a thing of the past...cof%¤#
 

OffMyBack

Active Member
its almost like you are saying - he who trades crypto - has something to hide......

but yes I concur Kraken bank was exciting news when i first read then reality set in and it was actually the same as finding out you on a hot date with someone with the Iq of tiktok
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
its almost like you are saying - he who trades crypto - has something to hide......

but yes I concur Kraken bank was exciting news when i first read then reality set in and it was actually the same as finding out you on a hot date with someone with the Iq of tiktok

Not at all, I am a 1000% for crypto, thus far regular banking policy/ methods, and procedures have done more than enough over the past decades, a new playbook has emerged and so far all crypto adopters are significantly ahead of the curve...;)

Haha Lq/ IRS all in tuxedos ready for the next big date...for now lets all watch how this Kraken Bank upgrade goes
 

VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member

sinos

New member
I just read the news about kraken that got their first Cryptocurrency Bank License doh948"" I was chocked to read about it and wonderif this is the beginning of ass raping, KYC and CRS in the crypto market?

Check out the news here:




Why is this a milestone for them, only if they exchange information with various governments and tax office on a global scale it make sense to me that they obtain a license to get regulated.

Anyone using kraken to store their coins may be insane, or what is it I don't understand here?
The Bitnewsbot krakenfinancial link is a fake link taking to a fake krakenfinancial site. Please check the links before linking the news in the post. It is redirecting to a mexican site. Check for yourself! :rolleyes:
 

RazvanBTC

New member
Why would you want to store your crypto in a "bank" when you can keep it in your wallet secured with your OWN private key ?
 
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