Kraken Relocates HQ to Wyoming, Citing State’s Longstanding Pro-Crypto Policies

The crypto exchange is deepening its roots in the Equality State

Kraken, the second-largest crypto exchange in the United States, is relocating its headquarters from San Francisco to Cheyenne, Wyoming, Crypto In America has learned.

The move reflects Kraken’s confidence in Wyoming’s leadership on digital asset policy and builds on four years of engagement with the state — including a $300,000 grant to the University of Wyoming to support crypto education, and co-hosting the inaugural Wyoming Blockchain Symposium in Jackson Hole.

Kraken also received a Wyoming Special Purpose Depository Institution (SPDI) license in 2020, becoming the first crypto firm in the state to receive one. The charter allows Kraken to offer custody and banking-like services while avoiding fractional reserve lending.

The Equality State’s low-tax environment, libertarian roots, and bipartisan support for digital asset legislation have made it a hub for crypto companies. Firms like Custodia Bank and blockchain startup NodeHaven already call the state home, taking advantage of laws that define digital assets as property, protect private keys, and offer a regulatory sandbox for fintech experimentation. Bitcoin mining giant CleanSpark also has facilities in Wyoming.

Wyoming is known as the “Equality State”

The state is also preparing to launch its own fully-backed stablecoin — the Wyoming Stable Token (WST) — under the leadership of Governor Mark Gordon, with the launch expected this summer. If successful, it would make Wyoming the first state to issue a government-backed stablecoin at a time when federal legislation on dollar-backed cryptocurrencies is still moving through Congress.

Senator Cynthia Lummis (R-WY), a longtime champion of digital assets and one of the architects of Wyoming’s crypto policy, applauded Kraken’s move.

“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,” Lummis said. “Kraken’s decision to relocate to the Equality State is a testament to Wyoming’s forward-thinking approach and reinforces its position as America’s premier crypto hub.”

In 2022, Kraken’s then-CEO Jesse Powell announced the company would officially shutter its San Francisco headquarters and go fully remote, citing escalating crime and employee safety concerns.

While Kraken employees will continue to work remotely across the country, the company says the move to Cheyenne formalizes its alignment with a jurisdiction that has prioritized clear, consistent regulation, now increasingly in step with a friendlier federal environment.