The US-based cryptocurrency exchange Kraken has announced
its plans to acquire Coin Meester B.V. (BCM), a crypto broker based in the
Netherlands. This acquisition is part of the recent steps by the
cryptocurrency exchange to strengthen its presence in Europe.
Founded in 2017, BCM is one of the oldest registered crypto
brokers in the Netherlands, offering a wide array of services, including
buying, selling, and staking cryptocurrencies. It has access to over 170
digital assets and local funding rails.
David Ripley, the CEO of Kraken, said in an official
statement from the company: “The Netherlands has one of the world’s most
advanced economies, with a well-established culture of innovation and a high
level of crypto adoption. This makes it a key market for us in our European
expansion plans. The acquisition of BCM will give Kraken a sizable position in
the Dutch market and will allow BCM’s clients to benefit from an even more
robust product offering.”
BIG NEWS! 📣
We’re excited to announce our plans to acquire Dutch crypto broker BCM @bcmtodaycom!
This is another important step in our ongoing commitment to growth in Europe and to bringing Kraken’s offering to more people worldwide.
More details ➡️ https://t.co/HkRRkLpGq4 pic.twitter.com/pzdQh2tAkn
— Kraken Exchange (@krakenfx) October 5, 2023
Kraken’s plans to expand its services in Europe coincide
with the decision by the European Commission to introduce the Markets in
Crypto-Assets (MiCA) regulatory framework. This framework provides a conducive
environment for industry players to invest in the region while offering
consumers access to more competitive crypto products and services.
Last month, the Central Bank of Ireland granted Kraken an
e-money institution (EMI) license, while the Bank of Spain has officially
registered the exchange as a virtual asset service provider (VASP). These
regulatory authorizations signified a crucial milestone for Kraken’s European
expansion ambitions, allowing the exchange to further extend its crypto
services and offerings within the European Union (EU).
Expansion beyond Crypto
On top of that, it is venturing into the traditional
financial markets by introducing trading services for US-listed stocks and
exchange-traded funds (ETFs). This move, which was reported by Bloomberg,
signifies Kraken’s commitment to diversify its offerings beyond crypto assets.
The anticipated launch date for these services is set for 2024.
Kraken has obtained the necessary regulatory licenses to
ensure it gets into these regulated markets easily. The exchange has applied
for a broker-dealer license from the Financial Industry Regulatory Authority
(FINRA) in the United States.
Even as Kraken strengthens its presence in the Netherlands,
other major exchanges are exiting the market. Recently, Gemini decided to halt its services for Dutch customers starting November 17. This is in
response to regulatory pressure imposed by the De Nederlandsche Bank (DNB).
Similarly, Binance ceased operations in the Dutch market on July 17 after
failing to obtain a virtual asset service provider (VASP) license.
The US-based cryptocurrency exchange Kraken has announced
its plans to acquire Coin Meester B.V. (BCM), a crypto broker based in the
Netherlands. This acquisition is part of the recent steps by the
cryptocurrency exchange to strengthen its presence in Europe.
Founded in 2017, BCM is one of the oldest registered crypto
brokers in the Netherlands, offering a wide array of services, including
buying, selling, and staking cryptocurrencies. It has access to over 170
digital assets and local funding rails.
David Ripley, the CEO of Kraken, said in an official
statement from the company: “The Netherlands has one of the world’s most
advanced economies, with a well-established culture of innovation and a high
level of crypto adoption. This makes it a key market for us in our European
expansion plans. The acquisition of BCM will give Kraken a sizable position in
the Dutch market and will allow BCM’s clients to benefit from an even more
robust product offering.”
BIG NEWS! 📣
We’re excited to announce our plans to acquire Dutch crypto broker BCM @bcmtodaycom!
This is another important step in our ongoing commitment to growth in Europe and to bringing Kraken’s offering to more people worldwide.
More details ➡️ https://t.co/HkRRkLpGq4 pic.twitter.com/pzdQh2tAkn
— Kraken Exchange (@krakenfx) October 5, 2023
Kraken’s plans to expand its services in Europe coincide
with the decision by the European Commission to introduce the Markets in
Crypto-Assets (MiCA) regulatory framework. This framework provides a conducive
environment for industry players to invest in the region while offering
consumers access to more competitive crypto products and services.
Last month, the Central Bank of Ireland granted Kraken an
e-money institution (EMI) license, while the Bank of Spain has officially
registered the exchange as a virtual asset service provider (VASP). These
regulatory authorizations signified a crucial milestone for Kraken’s European
expansion ambitions, allowing the exchange to further extend its crypto
services and offerings within the European Union (EU).
Expansion beyond Crypto
On top of that, it is venturing into the traditional
financial markets by introducing trading services for US-listed stocks and
exchange-traded funds (ETFs). This move, which was reported by Bloomberg,
signifies Kraken’s commitment to diversify its offerings beyond crypto assets.
The anticipated launch date for these services is set for 2024.
Kraken has obtained the necessary regulatory licenses to
ensure it gets into these regulated markets easily. The exchange has applied
for a broker-dealer license from the Financial Industry Regulatory Authority
(FINRA) in the United States.
Even as Kraken strengthens its presence in the Netherlands,
other major exchanges are exiting the market. Recently, Gemini decided to halt its services for Dutch customers starting November 17. This is in
response to regulatory pressure imposed by the De Nederlandsche Bank (DNB).
Similarly, Binance ceased operations in the Dutch market on July 17 after
failing to obtain a virtual asset service provider (VASP) license.
