“Industrial Banks are eligible for FDIC insurance, but it does not appear that Kracken has it.”
Have you read the bank charter?
I read stories here:
https://www.bankingdive.com/news/crypto-exchange-kraken-wyoming-banking-license/585514/ “
“Deposits won’t be insured by the Federal Deposit Insurance Corp. (FDIC)”
https://www.buybitcoinworldwide.com/exchanges/kraken/
“Kraken is not FDIC insured.”
https://www.coindesk.com/kraken-crypto-companies-banks-evolving-together
“It also is not required to have FDIC insurance”
I also looked for Payward on Bankfind, and didn’t locate it on the FDIC run database there.
If you have something showing FDIC insurance, I’d be happy to look at it.