Kraken Set to Grow in Europe by Purchasing Dutch Crypto Broker

Kraken, a long-standing crypto exchange, is enlarging its footprint in Europe by planning a purchase of Coin Meester B.V. (BCM), a Dutch crypto firm. This move promises to make Kraken a big player in the Dutch market, and BCM’s clients should benefit too!

Pledging to grow in Europe, Kraken’s buyout of BCM, a firm that handles more than 170 digital assets, shows its serious intentions. Not just buying, but Kraken aims to broaden its product range, boost its financial might, and enhance security for more users across the continent.

Kraken CEO David Ripley stated that the Netherlands is a crucial stop for their Europe growth due to its modern economy and widespread crypto use. Buying BCM, he notes, would allow them to offer richer product choices to Dutch customers.

The arrival of MiCA, a new rulebook by the European Commission, is greeted warmly by Kraken. This set of rules, meant to regularize crypto dealings and offer protection against financial dangers like hacks, came into effect on June 1, 2023, with a full rollout expected in 2024.

The unfolding of MiCA rules is being keenly observed by other crypto players, like Binance France, as they can pose both challenges and openings in the European market. These rules require companies to align their operations with new standards to ensure a fair and safe trading environment.

In its European journey, Kraken has earned trading licenses from regulatory bodies inIreland and Spain, enabling it to provide euro-to-crypto trading and other services to its EU clientele.