Kraken Expands into Europe with Pending Acquisition of Dutch Exchange BCM – Cryptopolitan

In a strategic move towards European expansion, Kraken, the United States-based cryptocurrency exchange, has announced its intention to acquire Coin Meester B.V. (BCM), a Netherlands-based cryptocurrency exchange. While the financial specifics of this acquisition remain undisclosed, Kraken’s decision aligns with the European Union’s (EU) recent introduction of the Markets in Crypto-Assets (MiCA) regulatory framework.

Kraken’s latest announcement underscores its commitment to expanding its operations across Europe, following the acquisition of virtual asset service provider (VASP) licenses in Ireland, Italy, and Spain. The CEO of Kraken, David Ripley, pointed to the robust Dutch economy, the significant level of cryptocurrency adoption, and a culture of innovation as key factors motivating the establishment of a foothold in the Netherlands.

“The acquisition of BCM positions Kraken as a pioneer in the field, boasting a track record spanning well over a decade, making it the ideal guardian of our business as we move forward,” Ripley stated.

Formerly known as Bitcoin Meester, BCM was founded in 2017 and specializes in offering cryptocurrency trading and staking services, providing access to a diverse portfolio of over 170 cryptocurrencies. The company is duly registered as a Dutch cryptocurrency service provider, operating under the oversight of De Nederlandsche Bank. However, it’s important to note that this acquisition is contingent upon receiving regulatory approvals, including clearance from the Dutch Central Bank.

Kraken’s regulatory compliance and growth in Europe

This strategic move by Kraken signifies its determination to capitalize on the growing European cryptocurrency market and establish itself as a major player in the region. As the regulatory environment for cryptocurrencies becomes more defined within the EU, Kraken’s expansion efforts are poised to gain momentum.

Kraken’s decision to acquire BCM is backed by a deep-rooted commitment to complying with regulatory standards and providing a secure and reliable platform for cryptocurrency enthusiasts and traders. The pending acquisition reflects Kraken’s strategic vision of fostering innovation and growth in the cryptocurrency industry while ensuring regulatory compliance.

This development also underlines the broader trend of cryptocurrency exchanges seeking opportunities for expansion and diversification in response to the evolving regulatory landscape. Kraken’s choice to expand its presence in Europe positions it to tap into the region’s rapidly growing interest in cryptocurrencies.