

Kraken is registered as a money services business with the U.S.

In a note to customers on its website, Kraken said that while the company takes "great care to protect the assets" of clients from loss, exchanges do not qualify for deposit insurance programs, nor should they function as cryptocurrency wallets. banks are FDIC insured up to $250,000, Kraken has taken a different approach. is more "shortsighted" than other nations and "susceptible" to the pressures of incumbent legacy businesses like banks, which "stand to lose from crypto becoming a big deal." Kraken CEO Jesse Powell previously told CNBC he thinks there could be a wider crackdown in crypto trading. Treasury Secretary Janet Yellen to European Central Bank President Christine Lagarde have raised concerns over the nefarious use of cryptocurrencies like bitcoin.
