Crypto exchange Kraken reportedly accelerated its efforts for an initial public offering (IPO) by the following year.
Kraken is a popular cryptocurrency exchange that was founded in 2011. The United States (US)-based crypto company offers a wide range of digital assets for trading, including Bitcoin, Ethereum and many altcoins. The services of this platform are known for its robust security measures and extensive trading features. Kraken serves both individual and institutional investors.
On June 6, 2024, Bloomberg reported that Kraken was planning a funding round of more than $100 million as part of the company’s initial public offering as early as next year.
A source close to the matter revealed that Kraken is currently in pre-IPO financing discussions and is looking for a reputable company to join its board of directors to help successfully launch an IPO.
It is worth noting that Kraken was the first crypto exchange in the US crypto market to make plans for an IPO, even before Coinbase, but what types of speed bumps stopped this exchange from this plan is still unclear.
Kraken vs. SEC
This crypto exchange is also known for its highly compliant crypto services, but still faced significant heat from US financial regulators.
The US Securities and Exchange Commission (SEC) in particular has a very long history of fighting with Kraken.
In November 2023, the US SEC charged Kraken with operating crypto trading services, which violated the federal Securities Act as the majority of cryptocurrencies are unregistered securities under the purview of the SEC.
Before that, in February 2023, the SEC body accused Kraken of providing crypto staking services with the promise of giving 21% returns on staking investments.
The cryptocurrency abandonment case was later settled by the exchange for a $30 million fine. However, the Kraken team decided to settle the case, but later the Kraken CEO admitted that it was their mistake and that they should fight the charges instead.
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