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

[tacokai]

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 a*s raping, KYC and CRS in the crypto market?

Check out the news here:
https://bitnewsbot.com/the-first-cryptocurrency-bank-license-is-now-granted/

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.
Click to expand...

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?

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[khinkali]

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]

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-:,

 

[tacokai]

what do you mean with that?

 

[VESTANON]

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%¤#

 

[ShillGates]

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]

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 Kraken︀ Bank upgrade goes

 

[tacokai]

it will the same‍ way as with any other regulated bank and all the monitoring s**t! Stay a way⁠ from kraken if you like your privacy at some point!

 

[VESTANON]

Yup

 

[lory]

Why would you stay away because of KYC? We are not all here only to‌ be internet ghostshi%#

 

[sinos]

The Bitnewsbot krakenfinancial link⁢ is a fake link taking to a fake krakenfinancial site. Please check the links before︀ linking the news in the post. It is redirecting to a mexican site. Check for︁ yourself! 🙄

 

[RazvanBTC]

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 ?

 

[lory]

I totally agree with you on that point. I keep my crypto on the⁠ ledger wallet.