Kraken Establishes Global Headquarters in Wyoming After San Francisco Closure

San Francisco, CA – (DATELINE NEEDED) Kraken, a leading cryptocurrency exchange, has officially relocated its global headquarters to Cheyenne, Wyoming.

The move, finalized more than three years after the company shuttered its San Francisco operations, was highlighted by Kraken as recognition of Wyoming’s pro-crypto policies.

Speaking in a Friday blog post, Kraken acknowledged “policymakers and constructive regulations” in Wyoming influenced its decision. Company representatives specifically noted support from Wyoming’s Senator Cynthia Lummis.

“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,” stated Senator Lummis. “Kraken’s decision reinforces Wyoming’s position as America’s premier crypto hub.”

This relocation follows Kraken’s earlier departure from San Francisco, details of which were provided by then-CEO Jesse Powell. In a 2022 interview, Powell cited repeated incidents of violence against employees as a primary factor, stating, “after numerous employees were attacked, harassed and robbed on their way to and from the office.”

Wyoming’s growing crypto-friendliness extends beyond Kraken’s move. The state government is actively exploring the issuance of its own stablecoin and has proposed establishing a strategic reserve of Bitcoin (BTC), positioning the state as a favorable location for crypto businesses.

Further Context on the Relocation

While Kraken currently operates without a traditional brick-and-mortar headquarters following its San Francisco closure, many employees continue remote work arrangements.

Financial news service Cointelegraph reached out to Kraken for additional comment but received no response prior to publication.

“[T]his is great news for Wyoming,” commented Custodia Bank founder and CEO Caitlin Long on social media platform X. “Kraken is likely the most valuable company headquartered in Wyoming now…”

Decentralized Crypto Businesses on the Rise

In a broader trend following Kraken’s example, decentralized operations are increasingly common within the cryptocurrency industry.

Several other major exchanges, including long-standing competitor Binance and the more recently IPO’d Coinbase, have prioritized remote or decentralized work models.

Binance’s parent company incorporated in Malta but maintains no physical headquarters following its departure from Japan in 2018. Similarly, Coinbase transitioned to a “being remote first” operational strategy by closing its offices in San Francisco during 2022.

This shift underscores a clear pattern of prominent cryptocurrency firms establishing strategic advantages in U.S. crypto-friendly jurisdictions, with headquarters becoming more symbolic than operational.

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