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Kraken Crypto Exchange Moves for EU License, Hopes To Gain Entry Into European Market

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Babafemi Adebajo
Babafemi Adebajohttps://www.definitionsbyadebajo.com

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

According to reports from the German press, Kraken, a U.S-based cryptocurrency exchange, is hoping to expand its operations in the European market. The crypto exchange platform is hoping to acquire a license in any EU member state and is presently in talks with regulators in the region, its co-founder Jesse Powell revealed.

Kraken to Break Into European Market by the end of Year

According to Handelsblatt, Kraken, one of the major digital asset exchanges in the U.S, hopes to reestablish its stance in the European Union this year. The publication states that the development is a result of the crypto industry becoming more mature, attracting and already boasting of more investors amid a market recovery. Speaking on the plans of Kraken, co-founder, and CEO of the company, Jesse Powell told the German newspaper how they are working on procuring a license in an EU country.

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The Crypto company, which has its headquarters in San Francisco, wants plans to gain entry into the common European market by the end of 2021, the report revealed. This entry will most likely be made through Malta, Luxembourg, or the Republic of Ireland. A final decision remains to be made though as there are still ongoing talks between the exchange and supervisory bodies on the Old Continent.

Boasting a daily transaction volume of nearly $1.3 billion, going by the data provided by Coingecko, Kraken currently ranks as the world’s fifth-largest cryptocurrency exchange. The trading platform has over 6 million users in 190 countries and more than 2,000 employees to its name.

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Coinbase, Kraken’s main competition and the largest crypto exchange in the U.S, had already led the way when it acquired approval to store and trade cryptocurrencies from the Federal Financial Supervisory Authority, Bafin, earlier this year. The German license means that Coinbase can now provide services to customers across the European Union.

Germany, UK Not Suitable for European Base

While Jesse Powell has made it clear that Germany might not be the ideal European location for Kraken, the exchange has held talks with Bafin too. From the talks, Kraken considers German regulations “too difficult, too restrictive.” This simply means it would be too expensive for Kraken to comply.

Kraken Crypto Exchange Seeks EU License, Eyes Expansion in Europe

Kraken plans to offer crypto-focused online banking services in the U.S towards the end of this year. That has been made possible by the banking license the exchange received in the state of Wyoming last September. Powell was quick to point out that Kraken’s users will be able to link their bank accounts to their cryptocurrency accounts.

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