Kraken moves HQ to Wyoming, cites regulatory environment
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Kraken moves HQ to Wyoming, cites regulatory environment
Kraken has moved its global headquarters from San Francisco to Wyoming. The move is in response to the state’s pro-crypto policies, the company said in a blog post. The U.S. government is planning to issue its own Bitcoin reserve, making it one of the friendlier states for the currency. The company’s other offices are in Malta and New York, but the rest of the company is based in the U.K. and Canada, it said. It is the first time the company has left San Francisco since it shut down its offices in 2012.
In a Friday blog post, Kraken said it was “recognition of the pro-crypto policymakers and constructive regulations” that contributed to its move to Wyoming. The company cited Wyoming Senator Cynthia Lummis’ crypto advocacy in the US state and Congress impacting its decision to move its headquarters.
“Wyoming has been at the forefront of digital asset policy for nearly a decade and has created the perfect environment for digital asset companies to thrive,” said Lummis. “Kraken’s decision to relocate to the Equality State is a testament to Wyoming’s forward-thinking approach and reinforces Wyoming’s position as America’s premier crypto hub.”
The Kraken notice followed an announcement from then-CEO Jesse Powell, who said in 2022 that the exchange’s headquarters would be leaving San Francisco “after numerous employees were attacked, harassed and robbed on their way to and from the office.”
Wyoming’s government is planning to issue its own stablecoin and has proposed plans for a strategic Bitcoin (BTC) reserve, making it one of the friendlier US states for crypto policies.
Related: Kraken’s Powell claims in lawsuit he was denied housing due to crypto ties
Since leaving San Francisco, Kraken has operated without a brick-and-mortar headquarters, with many employees working remotely for the exchange. Cointelegraph reached out to a Kraken spokesperson for comment but had not received a response at the time of publication.
“[T]his is great news for Wyoming,” said Custodia Bank founder and CEO Caitlin Long in a Friday X post. “Kraken is likely the most valuable company headquartered in Wyoming now […]”
Decentralized, remote-first crypto businesses
Though many cryptocurrency companies have physical offices and headquarters, some have transitioned to being nearly completely decentralized, with employees based around the world working out of their homes or field offices.
Binance, one of the largest exchanges in the world, has a holding company in Malta but reportedly no physical headquarters since it left Japan in 2018. Coinbase, also previously headquartered in San Francisco, shut down its offices in 2022 as part of a “being remote first” strategy.
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Source: https://cointelegraph.com/news/kraken-headquarters-wyoming-regulatory-environment