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In an effort to expand its presence in the European market, Kraken, a well-established cryptocurrency exchange platform, has announced its plan to acquire Coin Meester B.V. (BCM), a reputable crypto brokerage located in the Netherlands.
This strategic move is intended to solidify Kraken’s position in Europe while improving adherence to the evolving regulatory environment.
Kraken Acquiring BCM
According to a statement from Kraken, BCM was founded in 2017 and has built a reputation as one of the oldest and most reliable registered crypto brokers in the Netherlands.
The blog post indicates that this exchange has listed 170 distinct crypto assets and provides services for buying, selling, and staking, including access to over 170 cryptocurrencies and local funding options.
The upcoming merger/acquisition will enable Kraken to penetrate further into the Dutch market, granting BCM’s clients access to its extensive range of products. Through this partnership, Kraken intends to enhance security measures, improve liquidity, and offer 24/7 live client support for BCM customers.
David Ripley, the CEO of Kraken, stated:
“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.”
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The CEO also emphasized that the Netherlands is among the world’s leading economies in terms of innovation and crypto adoption, positioning the region as a crucial market for Kraken’s European expansion initiatives.
Mitchell Zandwijken, the CEO and co-founder of BCM, views this as a significant achievement. He remarked:
“With Kraken’s track record spanning well over a decade, our clients will benefit from all that crypto has to offer through Kraken’s continuous investment and innovation.”
Kraken Racing Towards European Regulatory Compliance
Kraken’s acquisition of the Dutch firm BCM is part of its strategy to achieve regulatory compliance, particularly within Europe. The European Commission has recently introduced the Markets in Crypto-Assets (MiCA) regulatory framework, which provides guidelines for cryptocurrencies, stablecoins, and other blockchain assets.
Additionally, the new framework enables industry participants to invest in the region and provides consumers with access to various services.
However, a key requirement is obtaining the appropriate VASP registration in the area. In September, Ireland’s Apex Bank granted Kraken a license to function as an e-money institution in the country.
Spain, through its Apex Bank, has also officially registered Kraken as a VASP. The exchange holds an operating license related to cryptocurrency in Italy and is actively pursuing further registrations in additional countries.
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