Kraken Enhances Presence in Europe by Acquiring Dutch Crypto Broker Coin Meester
Europe
Exchange
Kraken
Kraken, the popular crypto exchange, has recently completed the acquisition of Coin Meester B.V. (BCM), a well-established crypto broker firm in the Netherlands. This strategic move is part of Kraken’s ongoing efforts to expand its operations across Europe and solidify its position as a registered Virtual Asset Service Provider (VASP) in key European countries, including France and Poland.
The acquisition of BCM will enable Kraken to strengthen its presence in the Dutch market and leverage its market-leading position in euro volume and liquidity to increase its market share. Brian Gahan, Kraken Managing Director Europe, expressed his excitement about the acquisition, calling it a significant milestone in the company’s European expansion.
Kraken has been actively expanding its operations in Europe for the past two years and now offers VASP services directly or through partnerships in multiple countries, including Germany, Spain, Italy, Belgium, Ireland, France, Poland, and the Netherlands. Gahan emphasized that Kraken stands out in Europe by combining global scale with a compliant offering and a superior client experience.
The timing of this acquisition is crucial as the European crypto market prepares for the implementation of the upcoming Markets in Crypto-Assets Regulation (MiCA), which is expected to introduce stricter regulatory standards. Kraken aims to position itself strongly in the European market ahead of these regulatory changes.
In addition to its expansion efforts, Kraken has also focused on enhancing its brand presence through strategic sports partnerships. The exchange has recently become the Official Crypto and Web3 Partner for Tottenham Hotspur and Atlético de Madrid. Starting from 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.
Despite its growth and success, Kraken has faced some regulatory challenges. The United States Securities and Exchange Commission (SEC) has accused Kraken of violating federal securities laws by offering unregistered securities. However, Kraken has denied these allegations, stating that the assets in question do not meet the legal criteria to be classified as securities.
Furthermore, Kraken’s subsidiary, Bit Trade, faced a legal setback in Australia. The Federal Court ruled against Bit Trade, stating that it had breached the country’s Corporations Act since October 2021. Kraken had acquired Bit Trade in 2020 to provide digital asset services in Australia.
As Kraken continues to navigate the evolving regulatory landscape, its expansion efforts in Europe and strategic partnerships with sports clubs demonstrate its commitment to growth and innovation in the crypto industry.