Kraken Expands into Europe with Key Authorizations in Ireland and Spain
Kraken Exchange, one of the top US-based crypto exchanges, is making its way into major European financial hubs. The company has recently obtained an E-Money Institution (EMI) registration from the Central Bank of Ireland and a Virtual Asset Service Provider (VASP) registration from the Bank of Spain. These authorizations will enable Kraken to work with European banks as well as operate as a crypto exchange and wallet provider in Spain.
According to Curtis Ting, Kraken’s vice president of global operations, the company’s strong liquidity and volume for EUR crypto pairs, along with their round-the-clock live client service and robust security, make them an appealing choice for future clients in Europe. Kraken is committed to investing in their European business and advancing the adoption of crypto in the region.
Coinbase Faces Regulatory Challenges in the US
Coinbase, the largest crypto exchange in the US, has also registered as a crypto exchange and custodian wallet provider with the Bank of Spain. Coinbase CEO Brian Armstrong recently expressed his frustration with the regulatory environment in the US, stating that certain members of the government are hindering the growth of the crypto industry. Armstrong specifically mentioned SEC Chair Gary Gensler and Senator Elizabeth Warren as responsible for trying to curtail and kill the industry.
Hot Take: Kraken’s Expansion Positions Them as a Major Player in Europe
Kraken’s expansion into major European financial hubs through their authorizations in Ireland and Spain solidifies their position as a leading crypto exchange globally. By obtaining an E-Money Institution registration and a Virtual Asset Service Provider registration, Kraken can now establish partnerships with European banks and offer their services to customers across Europe. This move not only allows Kraken to tap into the European market but also strengthens competition against other crypto exchanges, such as Coinbase. With their commitment to investing in the European business and advancing crypto adoption, Kraken is well-positioned for future growth in the region.
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