US-based cryptocurrency exchange Kraken has announced plans to acquire Dutch-based cryptocurrency broker Coin Meester B.V.(BCM)。The acquisition is one of Kraken's recent steps to strengthen its presence in Europe.。

Founded in 2017, BCM is one of the oldest registered cryptocurrency brokers in the Netherlands, offering a wide range of services including buying, selling and mortgaging cryptocurrencies, with access to more than 170 digital assets and local funding channels.。

Kraken complies with European regulations

David Ripley, CEO of Kraken, said in an official statement: "The Netherlands is one of the most developed economies in the world, with a well-established culture of innovation and high adoption of cryptocurrencies, making it a key market in our European expansion plans.。The acquisition of BCM would give Kraken a sizeable presence in the Dutch market and benefit BCM's customers。"

Kraken plans to expand its services in Europe, which coincides with the European Commission's decision to introduce a regulatory framework for Markets in Crypto-Assets (MiCA).。The framework provides an enabling environment for industry players to invest in the region, while also providing consumers with 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 officially registered the exchange as a Virtual Asset Service Provider (VASP).。These regulatory authorizations are an important milestone in Kraken's European expansion, allowing it to expand its cryptocurrency services and products across the EU.。

Expansion beyond cryptocurrency

In addition, Kraken has ventured into traditional financial markets, launching trading services for U.S.-listed stocks and exchange-traded funds.。According to Bloomberg, the move marks Kraken's commitment to providing diversified services beyond crypto assets, with the expected launch date of these services set for 2024.。

Kraken has secured the necessary regulatory clearances to ensure it has easy access to these regulated markets.。The exchange has applied to the Financial Industry Regulatory Authority for a broker license.。Just as Kraken is strengthening its presence in the Netherlands, other major exchanges are pulling out of the Dutch market.。

Recently, Gemini decided to stop serving Dutch customers from November 17.。This is in response to regulatory pressure from De Nederlandsche Bank.。Similarly, Binance ceased operations in the Dutch market on July 17 after failing to obtain a VASP license.。