Kraken Expands European Presence with Acquisition of Dutch Crypto Broker Coin Meester
Europe
Exchange
Kraken
Over the past two years, Kraken has been actively expanding its operations across Europe.
Last updated:
September 24, 2024 09:02 EDT
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Ruholamin Haqshanas
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Ruholamin Haqshanas
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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto…
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Last updated:
September 24, 2024 09:02 EDT
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Crypto exchange Kraken has acquired Coin Meester B.V. (BCM), one of the Netherlands’ oldest registered crypto broker firms.
The deal, finalized on Tuesday, marks a significant step in Kraken’s strategy to strengthen its footprint across Europe, the exchange
said in a blog post
.
By acquiring BCM, Kraken aims to solidify its presence in the Dutch market and further establish its position as a registered Virtual Asset Service Provider (VASP) in key European countries, including France and Poland.
“The completion of the BCM acquisition is a key milestone in our European expansion, allowing us to leverage our strong footprint and market-leading position in euro volume and liquidity to significantly grow our market share,” said Brian Gahan, Kraken Managing Director Europe.
EU Gears Up for Implementation of MiCA
This move comes as the European crypto market gears up for the implementation of the upcoming Markets in Crypto-Assets Regulation (MiCA), which is expected to introduce stricter regulatory standards across the region.
Over the past two years, Kraken has been actively expanding its operations across Europe.
The exchange now offers VASP services either directly or through partnerships in multiple countries, including Germany, Spain, Italy, Belgium, Ireland, France, Poland, and the Netherlands.
“We are one of the few in Europe that can combine global scale with a compliant offering and a superior client experience,” Gahan added.
As the European crypto market remains fragmented, Kraken aims to leverage its global scale and comprehensive product offerings to capture a larger market share amid rising costs and increased competition.
In addition to its expansion efforts, Kraken has also bolstered its brand presence through strategic sports partnerships.
The exchange has become the Official Crypto and Web3 Partner for Tottenham Hotspur and Atlético de Madrid.
Starting in the 2024 season, Kraken’s logo will be featured as the Official Sleeve Partner on the jerseys of both clubs’ men’s and women’s teams.
Kraken Responds to SEC Allegations Amid Regulatory Scrutiny
Just recently, Kraken responded to allegations from the United States Securities and Exchange Commission (SEC) that it violated federal securities laws.
The SEC claims that several digital assets offered by Kraken should be classified as unregistered securities.
In its defense, Kraken has
denied these accusations
, asserting that the assets in question do not meet the legal criteria to be considered securities.
Meanwhile, Kraken has recently
faced a legal setback in Australia
.
Last month, the Federal Court ruled against Bit Trade, a subsidiary of Kraken’s parent company, Payward Incorporated.
In its ruling, the court said the platform has breached the country’s Corporations Act section s994B(2) since October 2021.
In 2020,
Kraken crypto exchange acquired Bit Trade
to offer crypto offer digital asset services in Australia.
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