anyone here set up a corporate account on Kraken? I reached out to them about compliance but no reply yet...
Thinking of starting an international business company where I’d be the main beneficiary and director. But will they even let me use 50x use? Man, this Frank Dodd ECP law is such a mess. Also looking to create a basic corporate account even if I can’t get that use.
you definitely need proper registration if you want a corporate account. doesn’t matter how much you wanna invest, margin trades are super risky for exchanges. just look at what happened at Poloniex. I doubt Kraken will let you open a corporate account like that.
I keep mixing up the Frank and Dodd rules... is it 10 million in assets or 1 million in net worth? ECP status seems to be for rich folks but some folks misinterpret it. Not all ECP statuses need that million though.
Could be possible to do it as an investment fund if it’s registered. Not super easy or cheap, but with a few hundred thousand and a family office, it could work. Way simpler than hitting that 1 or 10 million mark.
Really wondering if Kraken is just avoiding these legal questions or what, it’s hard to figure out without clear info.