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Kraken to No Longer Offer Margin Trading for US Investors Who Don't Meet 'Certain' Requirements
Kraken said the changes come due to regulatory guidance about leveraged digital asset transactions.
Cryptocurrency exchange Kraken said it will no longer offer margin trading for U.S. clients who do not meet certain requirements.
STORY CONTINUES BELOW
- In a blog post Wednesday, Kraken said the changes are due to regulatory guidance about leveraged digital asset transactions.
- The exchange didn't specify what those new requirements are, just that they will be communicated via email.
- Kraken said its clients outside of the U.S. at the Intermediate and Pro verification levels will not be affected.
- Non-U.S.-based clients in the Starter tier must become verified to the Intermediate tier to continue margin trading, said the exchange.
- Any open margin positions by starter tier clients and U.S. clients that have not met the new criteria will expire 28 days after the time they were opened if they haven't been settled by June 23.
- The exchange is also reportedly in talks to raise capital in a new funding round that could increase its valuation to $20 billion.
Read more: Kraken Crypto Exchange Releases Mobile App in US
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
