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Kraken is reportedly considering the launch of its bank, following accusations from the U.S. Securities and Exchange Commission (SEC) that the trading platform failed to register its cryptocurrency asset staking program. According to reports, Marco Santori, Kraken's Chief Legal Officer, stated in a podcast that Kraken Bank is close to being launched.

However, Kraken has already stated on its website that it plans to launch the bank in stages in 2022, with initial services being offered to Kraken clients in the United States before being extended to other clients. As of 2023, the cryptocurrency trading platform has continued to settle a $30 million dispute with the SEC.