Kraken Receives EU MiFID License for New Derivatives Service

Kraken receives EU MiFID license, expands derivatives services, and resumes U.S. staking, aiming for growth in European and U.S. markets.

Kraken has received a Markets in Financial Instruments Directive (MiFID) license in the EU. According to the blog post, the license acquisition occurred after Kraken purchased a Cypriot Investment Firm, which now received certification approval from the Cyprus Securities and Exchange Commission (CySEC). Kraken achieved an important milestone in its expansion ambitions through this development as it enabled the company to provide regulated derivatives services for professional traders in specified EU regions.

The achievement represents a vital advancement that enables Kraken to improve its European market stance. Kraken plans to meet rising European market needs for protected currency derivatives trading solutions through its newly obtained license. During the upcoming months, the company will concentrate on meeting all operational prerequisites before launching its products into local EU markets.

The Co-GM of Pro & Exchange at Kraken Shannon Kurtas declared that the company shows strong dedication towards growing its European market operations. The acquisition demonstrates Kraken’s strong faith in the EU market by emphasizing its dedication to building a trusted environment for advanced crypto traders and investors.

Kraken Targets European Growth with New Derivatives Platform

With its new offering, Kraken creates a platform that provides traders multifold access to different asset types. The system provides traders with freedom regarding their crypto derivative trading by allowing them to choose various currencies as collateral to support their positions. Kraken made this announcement strategically because Europe maintains its position as a leading market for crypto derivatives trading, representing an essential opportunity for Kraken growth.

The expansion in Europe was just one major announcement made by Kraken among other important developments. The staking service on chain operated by the company will resume operations across 39 states throughout the United States. The updated service allows users to stake different cryptocurrencies such as Ethereum, Polkadot, Solana, and Cardano.

On the other hand, the move forward took place after Kraken met the conditions set by the U.S. Securities and Exchange Commission (SEC) during their regulatory agreement. The SEC granted permission for Kraken to restart its staking services after forcing the company to halt operations in February 2023.

Lastly, Kraken demonstrates its dedication to establishing superior security and compliance standards and innovative capabilities through these recent developments. Kraken targets an advanced trading solution for its expanding customer base in U.S. and European markets.