Gas, NEO - Neo X TestNet Upgrade - 23 Jun 2025

Cryptocurrency exchange Kraken has moved its global headquarters to Cheyenne, Wyoming, more than three years after shuttering operations in San Francisco.

In a Friday blog post, Kraken said it was “recognition of the pro-crypto policymakers and constructive regulations” that contributed to its move to Wyoming. The company cited Wyoming Senator Cynthia Lummis’ crypto advocacy in the US state and Congress impacting its decision to move its headquarters.

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

The Kraken notice followed an announcement from then-CEO Jesse Powell, who said in 2022 that the exchange’s headquarters would be leaving San Francisco “after numerous employees were attacked, harassed and robbed on their way to and from the office.”

Wyoming’s government is planning to issue its own stablecoin and has proposed plans for a strategic Bitcoin reserve, making it one of the friendlier US states for crypto policies.

Since leaving San Francisco, Kraken has operated without a brick-and-mortar headquarters, with many employees working remotely for the exchange. Cointelegraph reached out to a Kraken spokesperson for comment but had not received a response at the time of publication. 

“[T]his is great news for Wyoming,” said Custodia Bank founder and CEO Caitlin Long in a Friday X post. “Kraken is likely the most valuable company headquartered in Wyoming now [...]”

Decentralized, remote-first crypto businesses

Though many cryptocurrency companies have physical offices and headquarters, some have transitioned to being nearly completely decentralized, with employees based around the world working out of their homes or field offices.

Binance, one of the largest exchanges in the world, has a holding company in Malta but reportedly no physical headquarters since it left Japan in 2018. Coinbase, also previously headquartered in San Francisco, shut down its offices in 2022 as part of a “being remote first” strategy.

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Toncoin (TON) has been quietly building strength, defending the $2.80–$2.95 support zone with remarkable consistency. After weeks of consolidation, the recent break above a falling trendline has caught traders’ attention, hinting at a possible shift in momentum. As TON coils just above this key structure, the stage may be set for a breakout — one that could ignite fresh upside if bullish pressure continues to build.

Buyers Defend Key Levels On The Chart

In a recent post on X, Alts King pointed out that TON is showing notable strength as it continues to hold above the $2.80–$2.95 support zone. This range has acted as a reliable floor for several weeks, with buyers consistently stepping in to defend it.

Furthermore, Alts King further observed that a falling trendline, which has long constrained TON’s price action, has now been broken. This technical breakout could mark the early stages of a trend reversal, opening the door for a more sustained bullish move.

Looking forward, Alts King believes that if the support zone continues to hold firm, TON may be setting up for a potential rally toward the $6.87 level. To validate this bullish thesis, Alts King recommends watching for the formation of higher highs and higher lows on shorter timeframes. These structural patterns are key indicators of healthy upward movement and would confirm growing confidence among market participants as TON tries to shift out of its consolidation phase.

Resistance Zones That May Test TON Momentum To $6.87

As TON begins to show signs of renewed strength, its path toward the $6.87 target isn’t without resistance. One of the first major hurdles lies around $3.04, a support level turned into resistance during the last sell-off. Price action near this range has already shown hesitation in the past, making it a critical level for bulls to reclaim convincingly.

Above that, the $4.54 level could serve as the next challenge. This zone aligns with prior swing highs and consolidations seen on the daily chart, where TON was previously rejected before resuming downward movement. Breaking through this level would require strong volume and confirmation, especially as traders may look to take profits from lower entries near the $2.80 support base.

Finally, before TON can reach the anticipated $6.87 resistance, it must clear the psychological barrier around $6.00, which also coincides with a rounded top structure observed during a prior rally. This level may attract selling pressure from short-term traders aiming to lock in gains. However, only with sustained bullish momentum and the formation of higher highs can TON overcome these layers of resistance and build a real case for a breakout beyond $6.87.