Kraken, one of the leading cryptocurrency exchanges worldwide, has announced a partnership with PayPal to enable fiat currency deposits for its users in the UK and Europe. This integration marks a significant milestone for Kraken, as it allows customers to conveniently fund their accounts using one of the most popular payment methods globally.
In a blog post, Kraken revealed that the PayPal integration would be rolled out gradually. The initial phase covers the UK, where users can already deposit GBP via PayPal. The following phase will extend to Germany, France, Italy, and Spain, enabling users to deposit EUR using PayPal. The final phase will encompass the remaining European countries supported by Kraken.
To utilize PayPal as a deposit method, users must have verified Kraken and PayPal accounts. The minimum deposit amount is 10 GBP or EUR, while the maximum limit stands at 35,000 GBP or EUR per transaction. This deposit option also carries a lower fee of 0.9% compared to other fiat funding alternatives on Kraken.
Kraken emphasizes that PayPal deposits offer speed and convenience, with transactions typically completing within a few minutes. Additionally, users can benefit from PayPal’s security features, including buyer protection and fraud prevention. Furthermore, users have the flexibility to link their bank accounts or debit cards to their PayPal accounts, enhancing their choices when funding their Kraken accounts.
This integration is part of Kraken’s ongoing efforts to improve fiat on-ramps and off-ramps and make cryptocurrency more accessible to a wider audience. Earlier this year, the exchange launched its mobile app in Europe, enabling users to buy and sell cryptocurrencies on the go. With the addition of PayPal deposits, Kraken expects to attract more users seeking a simple and reliable entry into the crypto space.
In separate news, Ryan Salame, a former executive at FTX, a prominent cryptocurrency exchange, is anticipated to plead guilty to criminal charges linked to his involvement in a fraudulent scheme. Salame, who served as the head of over-the-counter trading at FTX until June, was arrested in July, along with two others, on allegations of defrauding investors of over $20 million.
According to the indictment, Salame and his co-conspirators operated a fake cryptocurrency trading platform called Coinflux, through which they deceived unsuspecting victims and solicited funds. They enticed investors by making false promises of high returns and manipulated digital asset prices on the platform. Additionally, they transferred some of the funds to personal accounts to finance extravagant expenses.
The charges against Salame include wire fraud, securities fraud, and money laundering, each carrying a maximum prison sentence of 20 years. Salame is expected to enter a guilty plea at a federal court hearing in Manhattan on September 15.
FTX, distancing itself from Salame and the alleged crimes, stated that it was unaware of his activities and terminated his employment upon learning of his arrest. The exchange also affirmed its full cooperation with the authorities and emphasized that it was not under investigation.
These criminal charges against Salame and his associates are part of a broader crackdown by the US government on fraud and misconduct in the cryptocurrency industry. As the popularity and value of digital assets have surged in recent years, authorities have warned investors to exercise caution and remain vigilant against scams and schemes that exploit the hype and volatility of the market.
