The US-based cryptocurrency exchange Kraken has announced its plans to acquire Coin Meester B.V. (BCM), a crypto broker based in the Netherlands. This acquisition is part of its recent steps to strengthen its presence in Europe.

Founded in 2017, BCM is one of the oldest registered crypto brokers in the Netherlands, offering a wide array of services, including buying, selling, and staking cryptocurrencies. It has access to over 170 digital assets and local funding rails.

Kraken Aligns with European Regulations

David Ripley, the CEO of Kraken, said in an official statement from the company: "The Netherlands has one of the world's most advanced economies, with a well-established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans. The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM's clients to benefit from an even more robust product offering."

BIG NEWS! ????

We’re excited to announce our plans to acquire Dutch crypto broker BCM @bcmtodaycom!

This is another important step in our ongoing commitment to growth in Europe and to bringing Kraken’s offering to more people worldwide.

More details ➡️ https://t.co/HkRRkLpGq4 pic.twitter.com/pzdQh2tAkn

— Kraken Exchange (@krakenfx) October 5, 2023

Kraken's plans to expand its services in Europe coincide with the decision by the European Commission to introduce the Markets in Crypto-Assets (MiCA) regulatory framework. This framework provides a conducive environment for industry players to invest in the region while offering consumers access to more competitive crypto products and services.

Last month, the Central Bank of Ireland granted Kraken an e-money institution license, while the Bank of Spain has officiallyregistered the exchange as a virtual asset service provider (VASP). These regulatory authorizations signified a crucial milestone for Kraken's European expansion ambitions, allowing the exchange to extend its crypto services and offerings within the European Union.

Expansion beyond Crypto

On top of that, it is venturing into the traditional financial markets by introducing trading services for US-listed stocks and exchange-traded funds. This move, which was reported by Bloomberg, signifies Kraken's commitment to diversify its offerings beyond crypto assets. The anticipated launch date for these services is set for 2024.

Kraken has obtained the necessary regulatory licenses to ensure it gets into these regulated markets easily. The exchange has applied for a broker-dealer license from the Financial Industry Regulatory Authority in the United States.

Even as Kraken strengthens its presence in the Netherlands, other major exchanges are exiting the market. Recently, Gemini decided to halt its services for Dutch customers starting November 17. This is in response to regulatory pressure imposed by the De Nederlandsche Bank. Similarly, Binance ceased operations in the Dutch market on July 17 after failing to obtain a VASP license.

This article was written by Jared Kirui at www.financemagnates.com.

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.