Kraken acquires Dutch crypto broker BCM, expands European reach

US-based crypto exchange Kraken has completed its acquisition of Coin Meester B.V. (BCM), one of the oldest registered crypto brokers in the Netherlands. This move is part of Kraken’s strategy to expand its presence in Europe ahead of the implementation of the Markets in Crypto-Assets Regulation (MiCA).

The acquisition allows Kraken to enhance its operations as a registered Virtual Asset Service Provider (VASP) in France and Poland, while also establishing a foothold in the Dutch market. Brian Gahan, Kraken’s Managing Director in Europe, described the acquisition as a “key milestone” in the company’s European expansion efforts.

Direct offerings for European market

With this acquisition, Kraken can now offer VASP services directly or through partnerships in eight European countries: Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland. This extensive coverage positions Kraken as one of the few global exchanges with a compliant offering across multiple European markets.

Over the coming months, BCM clients will gain access to Kraken’s suite of products, including over 200 digital assets and round-the-clock customer support in local languages. This integration aims to provide users with enhanced trading and investing experiences.

MiCA and new requirements

The acquisition comes as the crypto industry prepares for the full implementation of MiCA. On June 30, parts of the regulation became applicable for crypto asset service providers, particularly concerning KYC/AML requirements. Full compliance with the new regulatory framework will be mandatory by December 2024.

For context, Kraken only recently secured regulatory approval for expansion in the Dutch market from the Dutch Central Bank in February. Earlier this year, Kraken enhanced its leadership by hiring former executives from N26 and Coinbase to navigate regulatory challenges and support global expansion.