Kraken Secures Fed Payment Access

Got story updates? Submit your updates here. ›

Kraken, a leading cryptocurrency exchange, has been awarded a limited purpose account by the Federal Reserve Bank of Kansas City. This gives Kraken direct access to the Fed's core payment systems, a privilege previously reserved only for licensed banks.

Why it matters

This move by the Federal Reserve represents a significant milestone for the crypto industry, as it grants a major crypto exchange the ability to move money on the same rails as traditional financial institutions. It signals growing regulatory acceptance and integration of digital assets into the mainstream financial system.

The details

The limited purpose account allows Kraken to directly access the Federal Reserve's core payment systems, bypassing the need to rely on partner banks for such access. This privilege has long been monopolized by licensed banks, as crypto and fintech firms typically have to go through banking partners for compliance infrastructure and anti-money laundering monitoring.

• Kraken was awarded the limited purpose account by the Federal Reserve Bank of Kansas City on March 4, 2026.

What’s next

The Federal Reserve's decision to grant Kraken this limited purpose account is expected to pave the way for more crypto firms to gain direct access to the central bank's payment systems in the future.