Kraken Shakes Up Workforce, Launches 24/7 Forex Trading Expansion

Cryptocurrency Exchange Kraken Restructures Workforce

According to Reuters, Kraken, a leading cryptocurrency exchange, has announced significant layoffs as part of its efforts to streamline operations. The company is reportedly cutting redundant roles while continuing to hire in key areas. This move comes as Kraken aims to expand its presence in traditional financial markets.

Despite the layoffs, Kraken remains committed to growth in strategic sectors. The company has been actively hiring for roles that align with its push into traditional finance, signaling a shift in its operational focus. This restructuring is seen as a step towards optimizing resources and enhancing its competitive edge in the evolving financial landscape.

“Kraken cutting back on redundant roles,” reported Reuters, highlighting the company's strategic realignment.

Key Takeaway: Kraken is reducing its workforce in redundant areas while focusing on growth in traditional finance sectors.

Kraken Launches FX Perpetual Futures for 24/7 Trading

CoinDesk reports that Kraken has introduced FX perpetual futures, marking its entry into the traditional forex market. The first contracts available for trading are EUR/USD and GBP/USD, which can now be traded 24/7 on Kraken Pro. Unlike standard forex products, these contracts have no expiry, mirroring the structure of crypto futures.

This launch is part of Kraken's strategy to cater to institutional and professional traders seeking deeper exposure to fiat markets. The company has also recently introduced commission-free trading for U.S.-listed stocks and ETFs, further integrating traditional financial products into its platform. Kraken's clients have already traded $5.4 billion in FX spot volume this year, with $3.5 billion in EUR/USD and GBP/USD alone.

“Investors increasingly expect a unified trading experience that spans crypto, FX, and equities,” stated Alexia Theodorou, head of derivatives at Kraken.

Key Takeaway: Kraken's FX perpetual futures offer round-the-clock trading, bridging the gap between crypto and traditional financial markets.

Massive Bitcoin Inflow to Coinbase Sparks Speculation

Investing.com reveals that Coinbase recently experienced a significant Bitcoin inflow totaling over $130 million. Blockchain monitoring platform Whale Alert tracked two consecutive transactions on April 17, involving 1,546 BTC. The first transfer included 746 BTC, valued at approximately $63.1 million, while the second involved 800 BTC, worth around $67.7 million.

The transactions originated from a single wallet, raising speculation about potential whale activity. Analysts suggest this could indicate impending sell-offs, institutional repositioning, or liquidity plays ahead of major market movements. Despite market volatility, Bitcoin has maintained resilience around the $85,000 level, with experts divided on whether this activity signals a market cooldown or a setup for future gains.

“It’s often a liquidity play before major moves,” commented a crypto community member.

Key Takeaway: A $130 million Bitcoin inflow to Coinbase has reignited discussions about whale strategies and market dynamics.

eXch Shuts Down Amid Allegations of Money Laundering

Decrypt reports that the privacy-focused crypto exchange eXch will cease operations on May 1. The decision follows allegations linking the platform to the $1.4 billion Bybit hack and North Korea's Lazarus Group. eXch cited an "active transatlantic operation" targeting its infrastructure and potential legal actions as reasons for the closure.

The exchange has faced criticism for its lack of KYC requirements, which some argue facilitated illicit activities. eXch's CEO, Johann Roberts, stated that the decision was influenced by a whistleblower from the U.S. Department of Justice. The platform will provide API access to partners until its closure, after which a new management team will determine its future.

“We don’t see any point in operating in a hostile environment,” said Johann Roberts, CEO of eXch.

Key Takeaway: eXch is shutting down operations amid allegations of involvement in money laundering and links to the Bybit hack.

Opinion: Trump Administration's Crypto Deregulation Raises Concerns

The New York Times highlights concerns over the Trump administration's approach to cryptocurrency regulation. The SEC has reportedly eliminated its crypto-enforcement program, pausing or dismissing numerous investigations and lawsuits. Additionally, the administration has launched its own crypto ventures, including $Trump and $Melania memecoins, which are not subject to SEC oversight.

Critics argue that these actions could destabilize financial markets and enable criminal activities. Bloomberg estimates the Trump family's crypto empire to be nearing a paper value of $1 billion. The administration's regulatory rollback has sparked debates about the long-term implications for the crypto industry and financial stability.