Kraken Completes Acquisition of Dutch-Based Crypto Broker BCM

Coinspeaker
Kraken Completes Acquisition of Dutch-Based Crypto Broker BCM

Kraken, a prominent cryptocurrency exchange, has finalized its acquisition of Coin Meester B.V. (BCM), one of the Netherlands’ oldest crypto brokers. 

This acquisition marks a significant move for Kraken as it aims to expand its presence in Europe and enhance its services for customers.

Growing Kraken’s Presence in Europe

Coin Meester B.V. (BCM) is among the most established and reputable registered cryptocurrency brokers in the Netherlands. Founded with the aim of delivering secure and compliant trading solutions, BCM has earned a solid reputation within the Dutch crypto landscape. The firm holds registration as a Virtual Asset Service Provider (VASP) in the Netherlands, as well as in France and Poland.

With BCM now part of Kraken, the exchange is set to strengthen its position in the Dutch market. Kraken made this move as it prepares for new European crypto regulations which will change how crypto companies operate across the region. In the last two years, Kraken has sped up its expansion in Europe, working to offer services in countries such as Germany, Spain, and Italy.

As the European market becomes more competitive, Kraken is positioning itself to stand out by using its global reach and wide range of products.

What This Means for Clients

Brian Gahan, Kraken’s Managing Director for Europe, emphasized the importance of the BCM acquisition in a recent statement. He stated:

“The completion of the BCM acquisition is a key milestone in our European expansion. We can now leverage our strong footprint and market-leading position in euro volume and liquidity to significantly grow our market share in the years ahead.”

In the months ahead, BCM’s clients will start seeing benefits like access to more than 200 digital assets, better liquidity, and round-the-clock customer support in local languages. Kraken’s purchase of BCM shows its commitment to complying with regulations and adapting to the changing market in Europe. As Kraken integrates BCM, it aims to make the transition easy for clients while strengthening its role as a leader in the crypto industry.

Kraken’s Restricts Lightning Network Transactions in Germany

Kraken has recently restricted its German customers from using the Bitcoin Lightning Network. The company initially explained the ban as a response to “new regulatory regulations”. However, it later stated that the change was due to “technical changes”, leading to confusion among users.

The Lightning Network is designed to improve the efficiency of Bitcoin transactions, but it has raised concerns among regulators who worry it could be used to hide transaction details. Kraken’s decision reflects the challenges companies face in complying with regulations while also meeting customer needs. As the situation develops, both users and regulators will be watching closely.

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Kraken Completes Acquisition of Dutch-Based Crypto Broker BCM