- Kraken eyes acquisition of another exchange in Europe.
- The deal is tentative but might be closed soon.
- The exchange confirmed that it is planning expansion under MiCA.
U.S.-based crypto exchange Kraken continues to fortify its global influence with a new acquisition despite regulatory heat from domestic and overseas agencies.
In a move seen to underscore Kraken’s commitment to growing European business, the company publicly announced the acquisition of Dutch-based crypto exchange Coin Meester B.V. (BCM) on October 5, a week after announcing its first foray into U.S.-listed stock trading.
Strengthening Presence in the Netherlands
Per the announcement, the proposed acquisition deal will enable Kraken to strengthen its presence in the Netherlands and position BCM’s clients to benefit from its extensive range of products.
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BCM is an established and one of the most reputable exchanges in the Netherlands, with over 170 cryptocurrencies listed on the platform. Besides supporting crypto buying, selling, and staking, the exchange also gives users access to strong local funding rails.
“Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward. Our clients will benefit from all that crypto has to offer through Kraken’s continuous investment and innovation,” BCM Co-founder and CEO Mitchell Zandwijken said.
Kraken CEO David Ripley heralded the Netherlands as one of the world’s most advanced economies with a well-established crypto adoption culture and confirmed that the BCM acquisition would give Kraken a sizeable portion of the country’s market.
Tapping the European MiCA Regulatory Framework
Kraken noted that its decision to accelerate business growth in Europe was informed by the European Commission’s establishment of the Markets in Crypto-Assets (MiCA) regulatory framework, which allows crypto-related firms to invest confidently across the region under one license.
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Notably, Kraken reiterated its commitment to expand business operations in compliance with European regulations, confirming that the exchange is currently pursuing registrations in other E.U. countries in addition to its Virtual Asset Service Provider (VASP) licenses in Italy, Spain, and Ireland.
Read how Kraken and eToro stack up against each other:
Kraken vs. eToro: Everything You Need to Know Before You Trade
Stay updated on Kraken’s win in Ireland:
Kraken Secures Key Approval in Ireland as EU Votes on Crypto
