In a strategic move to bolster its European operations, leading US-based cryptocurrency exchange Kraken has officially acquired the Dutch crypto broker Coin Meester B.V. (BCM). This acquisition aims to significantly enhance Kraken’s footprint in the Netherlands and other key European markets.
In a recent press release, Kraken highlighted that the addition of BCM, recognized as one of the Netherlands’ oldest and most respected registered crypto brokers, will not only solidify its position in the Dutch market but also augment its capabilities with registered Virtual Asset Service Providers (VASP) in France and Poland.
The acquisition comes on the heels of Kraken securing its own VASP registration from the Dutch Central Bank (DCB) earlier this year, which paved the way for the exchange to extend its services throughout the Netherlands. With VASP registrations already in place in several European countries—including Germany, Spain, Italy, Belgium, Ireland, France, and Poland—Kraken is well-equipped to capitalize on the growing demand for compliant crypto services.
Brian Gahan, Kraken's Managing Director of Europe, emphasized the importance of the BCM acquisition for the company's European growth strategy. “The completion of the BCM acquisition is a key milestone in our European expansion,” he stated. “It allows us to leverage our strong footprint and market-leading position in euro volume and liquidity to significantly grow our market share in the years ahead.”
Gahan further noted that Kraken is among a select few platforms in Europe that can offer both global scale and a compliant framework, ensuring a superior client experience. “Our clients stand to benefit as we empower them with the premium trading and investing experiences needed to unlock crypto’s full potential,” he added.
The acquisition is strategically timed ahead of the anticipated implementation of the Markets in Crypto-Assets (MiCA) regulations, which are set to provide a comprehensive framework for crypto operations across the European Union. By positioning itself as a compliant and reputable player in the market, Kraken aims to capture a larger share of the European crypto trading landscape.
As the crypto industry continues to evolve, Kraken's commitment to expanding its services and maintaining regulatory compliance positions it favorably for future growth, ultimately benefiting its clientele across Europe.
September 2024, Cryptoniteuae