Kraken Enables PayPal Deposits in UK and Europe, As Ex FTX Exec Pleads Guilty

Kraken, one of the leading cryptocurrency exchanges in the world, has announced that it is gradually enabling PayPal deposits for its users in the UK and Europe. This is a major milestone for the platform, as it will allow its customers to easily and securely fund their accounts with fiat currency using one of the most popular payment methods in the world.

According to a blog post by Kraken, the PayPal integration will be rolled out in phases, starting with the UK, where users can already deposit GBP via PayPal. The next phase will include Germany, France, Italy and Spain, where users will be able to deposit EUR via PayPal. The final phase will cover the rest of the European countries that Kraken supports.

To use PayPal as a deposit method, users will need to have a verified Kraken account and a verified PayPal account. The minimum deposit amount is 10 GBP or EUR, and the maximum is 35,000 GBP or EUR per transaction. There is also a 0.9% deposit fee, which is lower than most other fiat funding options on Kraken.

Kraken claims that PayPal deposits are fast and convenient, as they only take a few minutes to complete. Users can also benefit from PayPal’s security features, such as buyer protection and fraud prevention. Additionally, users can link their bank accounts or debit cards to their PayPal accounts, which gives them more flexibility and choice when funding their Kraken accounts.

Kraken’s PayPal integration is part of its ongoing efforts to improve its fiat on-ramps and off-ramps, and to make cryptocurrency more accessible and mainstream. Earlier this year, Kraken also launched its mobile app in Europe, which allows users to buy and sell cryptocurrencies on the go. With PayPal deposits, Kraken hopes to attract more users who are looking for a simple and reliable way to enter the crypto space.

Ex-FTX Exec Ryan Salame to plead guilty to Criminal Charges

Ryan Salame, a former executive at the cryptocurrency exchange FTX, is expected to plead guilty to criminal charges related to his involvement in a fraudulent scheme, according to a report by Bloomberg. Salame, who served as the head of over-the-counter trading at FTX until June this year, was arrested in July along with two other individuals for allegedly participating in a conspiracy to defraud investors of more than $20 million.

According to the indictment, Salame and his co-conspirators operated a fake cryptocurrency trading platform called Coinflux, which they used to solicit funds from unsuspecting victims. They allegedly lured investors with false promises of high returns and manipulated the prices of digital assets on the platform. They also allegedly transferred some of the funds to their personal accounts and used them for lavish expenses.

Salame is facing charges of wire fraud, securities fraud, and money laundering, which carry a maximum sentence of 20 years in prison each. He is scheduled to appear in a federal court in Manhattan on September 15, where he is expected to enter a guilty plea, Bloomberg reported, citing unnamed sources familiar with the matter.

FTX, which is one of the largest and fastest-growing cryptocurrency exchanges in the world, has distanced itself from Salame and his alleged crimes. The company said in a statement that it was not aware of Salame’s activities and that it terminated his employment as soon as it learned of his arrest. FTX also said that it cooperated fully with the authorities and that it was not a target of the investigation.

The case against Salame and his co-conspirators is part of a broader crackdown by the U.S. government on fraud and misconduct in the cryptocurrency industry, which has seen a surge in popularity and value in recent years. The authorities have warned investors to be wary of scams and schemes that exploit the hype and volatility of the digital asset market.