Kraken Expands European Presence Through Acquisition of Dutch Broker BCM
Kraken, a leading U.S.-based cryptocurrency exchange, has completed its acquisition of Coin Meester B.V. (BCM), a prominent Dutch crypto broker. This move is a significant step in Kraken’s ongoing efforts to bolster its European operations and establish a stronger foothold in the Netherlands.
BCM, recognized as one of the Netherlands' oldest registered crypto brokers, will now become part of Kraken’s broader European strategy. With this acquisition, Kraken strengthens its position as a registered Virtual Asset Service Provider (VASP) not only in the Netherlands but also in key European countries like France and Poland.
A Key Milestone in Kraken’s Expansion
Over the past two years, Kraken has ramped up its European expansion, aligning with the forthcoming Markets in Crypto-Assets Regulation (MiCA) framework. Brian Gahan, Managing Director of Kraken in Europe, referred to the acquisition as a "key milestone" in their European growth plan, stating that it will allow Kraken to offer premium crypto trading and investment experiences across the continent.
The acquisition enables Kraken to operate VASP services directly or through partnerships in several major European countries, including Germany, Spain, Italy, Belgium, Ireland, and Poland. As the MiCA regulatory framework gradually comes into force, Kraken is positioning itself to remain compliant with new standards, with full implementation expected by December 2024.
Enhanced Services for BCM Clients
For BCM clients, the acquisition brings enhanced services. In the coming months, they will gain access to Kraken’s wide range of digital products, including over 200 digital assets and round-the-clock customer support in their local languages. Kraken’s scale and comprehensive regulatory compliance are expected to provide customers with a superior experience in the evolving European crypto market.
Kraken’s European expansion reflects its ongoing commitment to becoming a global leader in the crypto space while adhering to the regulatory guidelines set forth by MiCA. As Europe becomes an increasingly critical region for the crypto industry, Kraken’s strategic moves highlight its ambitions to lead in this competitive market.
Source: The Block
