Following Brexit, Kraken seeks a new license to re-enter the European market

Kraken seeks a new base in Europe

Kraken is in talks with regulators in several European countries to obtain a new license to enter the European market by the end of 2021.

As a Kraken spokesperson explains, the exchange operates in Europe through its presence in the UK and registration with the UK’s Financial Conduct Authority (FCA).

Jesse Powell, Founder and CEO of Kraken, said:

“We currently offer access to our European customers through our entity registered with the UK regulator. We are actively exploring multiple options to obtain various European licenses following Brexit. “

Jesse Powell explained that the exchange is targeting multiple jurisdictions for potential regulatory approval as early as this year. Kraken has already been in discussion with several European regulators, in Malta, Luxembourg and Ireland. Although discussions are ongoing, no official decision has been taken to date.

In June 2021, Coinbase received a license in Germany from BaFin (the German Federal Financial Supervisory Authority) to operate legally in Europe. Jesse Powell pointed out that Kraken was reluctant to follow the same path, however.

According to him, the exchange also held talks with BaFin, but found the regulatory climate in Germany “too difficult, too restrictive and therefore too costly for the company.” “

A historic year 2021

Although Kraken has yet to release its latest financial results, Mr Powell has made it clear that he expects a “banner year” for the company. According to him, in January and February 2021 alone, the exchange gained more users than the whole of the previous year.

In the first 6 months of the year, Kraken recorded a trading volume of over $ 485 billion, more than three times the volume reported in 2020, the best year in the company’s history so far. day.

👉 To read on the same subject: The Kraken platform plans to go public in 2022

Newsletter 🍞

Receive a recap of crypto news every Sunday 👌 And that’s it.

About the author: Florent David

twitter-soothsayerdatatwitter-soothsayerdata

Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFT).
All articles by Florent David.

Back to top button