Key Takeaways
Global crypto exchange Kraken has taken a significant step in expanding its presence in Europe by acquiring Coin Meester (BCM), one of the Netherlands’ oldest registered crypto brokers.
Announced on September 24, The deal brings Kraken an expanded footprint in the Netherlands and enables the company to offer regulated services across multiple European countries, including France and Poland, through its existing Virtual Asset Service Provider (VASP) licenses.
Brian Grahan, Kraken’s Managing Director for Europe, emphasized the significance of the acquisition in the company’s broader plans. “This move allows us to combine global scale with a compliant offering that ensures a superior client experience,” Grahan said. “Our clients will benefit from enhanced trading and investing opportunities, empowering them to make the most of crypto’s potential.”
The acquisition comes at a crucial time for the crypto spacen in Europe, with the Markets in Crypto-Assets (MiCA) framework set to come into full effect on December 30, 2024. MiCA will establish the first comprehensive regulatory framework for digital assets across the European Union. Kraken, which has been preparing for these regulations, sees the acquisition of BCM as a strategic advantage in navigating the new regulatory landscape.
As per the official press release, Kraken claims that BCM clients will benefit from gaining access to over 200 digital assets, superior security standards and 24/7/365 live, local-language client support.
Over the past two years, the crypto exchange has expanded its presence across several EU countries, anticipating increased demand for regulated services under MiCA. With BCM now part of its portfolio, Kraken can offer VASP services either directly or through partnerships in major markets, including Germany, Spain, Italy, Belgium, and Ireland.
“The completion of this acquisition represents a critical step in our European expansion,” Grahan added. “It positions us to leverage our strong market share in euro volume and liquidity, helping us grow further in the coming years.”
Kraken’s expansion also coincides with a broader trend of consolidation in the European crypto market. As regulatory clarity improves, competition among crypto exchanges is expected to increase. Kraken states that its acquisition of BCM places it in a strong position to capture a larger share of the market as the region becomes more regulated.
The exchange also recently hired Natasha Powell as the UK head of compliance, who will begin in November.
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