Kraken Obtains License from the UK’s Finance Regulator, Focuses on Design with New Hire as Masses Join Crypto
Cryptocurrency exchange Kraken’s wholly-owned subsidiary Crypto Facilities has obtained an MLR license from the UK Finance regulator, the Financial Conduct Authority (FCA).
This means the company is now compliant with money laundering regulations in the country and that it is following the same standards as required by FCA from the banks.
Kraken can now continue to offer derivatives trading to its users in the UK through Crypto Facilities. Being granted the license further enables them to offer financial instruments related to cryptocurrencies.
It is now one of the few firms including crypto exchange Gemini’s two entities, Mode, Digivault, Ziglu, and Archax, that has the MLR license.
“It paves the way for us to enhance and expand our offering, ensuring clients have access to the various exposures that best fit their investment needs,” said Crypto Facilities CEO Gary Worrall in a statement.
Recently, Kraken also hired its new president of design Mike Davidson, who previously worked at Disney, NBC, and Twitter.
As the crypto market booms, companies have ramped up their efforts to recruit more crypto talent. Meanwhile, at the executive level, crypto companies have made many hires from the US government to fight the regulatory battle.
“Our industry is finally taking design seriously because we can all sense that the banks are coming sooner than later, and we need to get to the masses before they do,” Nako Mbelle, a recruiter specializing in the crypto sector, told Yahoo Finance.
The booming crypto industry is seeing a lot of capital coming from “sophisticated and connected investors,” who “have a strong vested interest to see the industry continue to progress positively,” said Devin Ryan, Director of Financial Technology Research at JMP Securities.
Besides improved product design getting the focus to attract the masses, crypto companies are also making “more concerted efforts” around “positive advertising for the industry to create a narrative that helps people better understand the space and make it less nebulous,” he added.
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