Kraken Expands in Europe with Acquisition of Coin Meester B.V.
Kraken, a well-known virtual currency exchange network, has announced its plans to acquire Coin Meester B.V. (BCM), a respected crypto broker based in the Netherlands. This strategic acquisition aims to strengthen Kraken’s presence in Europe and ensure compliance with changing regulations.
Details of the Acquisition
BCM, established in 2017, is one of the oldest and most trusted registered crypto brokers in the Netherlands. The exchange currently offers access to over 170 cryptocurrencies and local funding options. Through this acquisition, Kraken intends to expand further into the Dutch market and provide BCM’s clients with a comprehensive product range. The collaboration will also bring enhanced security measures, improved liquidity, and 24/7 client support.
David Ripley, CEO of Kraken, emphasized the significance of the Dutch market for European expansion plans, stating that the Netherlands is already at the forefront of innovation and crypto adoption.
Meeting Regulatory Compliance
Kraken’s acquisition of BCM is part of its strategy to ensure regulatory compliance, particularly in Europe. With the recent establishment of the Markets in Crypto-Assets (MiCA) regulatory framework by the European Commission, industry players are required to obtain proper VASP registration in order to operate in the region. Kraken has already obtained licenses from Ireland’s Apex Bank and Spain’s Apex Bank as an e-money institution and a VASP respectively. The exchange is actively pursuing more registrations in other countries as well.
Hot Take: Kraken Strengthens Position in Europe through BCM Acquisition
The acquisition of Coin Meester B.V. (BCM) by Kraken signifies a significant step towards expanding its European presence. By leveraging BCM’s reputation and product offerings, Kraken aims to solidify its foothold in the Dutch market. Additionally, this strategic move aligns with Kraken’s commitment to regulatory compliance, as it seeks to meet the requirements set by the European Commission’s MiCA framework. With a focus on providing enhanced security measures and client support, Kraken is poised to cater to the growing demand for crypto services in Europe.
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