Kraken is expanding its footprint into the European Union with the acquisition of BCM, a licensed broker in the Netherlands
US-based crypto exchange Kraken has announced the closure of its acquisition of Coin Meester B.V. (BCM), a registered crypto broker in the Netherlands. With this acquisition, Kraken aims to expand its presence in the Netherlands and strengthen operations as a registered Virtual Asset Service Provider (VASP) in Poland and France.
Kraken Expands Its European Presence With BCM Acquisition
The acquisition is a huge milestone for Kraken as it opens the door to new investors from the European market. BCM clients also stand to benefit as they will begin to have access to Kraken’s product suite over the next few months. Some of the products available to them include over 200 digital goods and 24/7 customer support in local languages.
We’re happy to share the close of the BCM acquisition! The deal significantly boosts our Dutch footprint and gives us registered operations in France and Poland. Read more here ⬇️ https://t.co/GoCIWEqrbD
— Kraken Exchange (@krakenfx) September 24, 2024
Kraken clients stand to benefit from the premium trading and investing experiences needed to unlock crypto’s full potential. According to Kraken’s Managing Director in Europe, Brian Gahan, the acquisition is intended to enhance the exchange’s presence in Europe.
The acquisition empowers Kraken to offer VASP services directly. This could also be through a partnership in Spain, Germany, the Netherlands, Italy, Belgium, Ireland, Poland, and France.
As more European users get to use Kraken for their crypto transactions, the exchange solidifies its position as a dominant player globally. The broader market will also profit as the acquisition elevates cryptocurrency and blockchain to the forefront of technology.
Kraken Aligning With MiCA’s Vision
Meanwhile, Kraken’s acquisition of BCM aligns with the Markets in Crypto Assets Regulation (MiCA), which became partially applicable for crypto asset service providers on June 30.
The new legal framework will support market integrity and financial stability by regulating public offers of crypto-assets. It also ensures consumers are better informed about their risks when trading or investing in digital assets.
Implementation is ongoing, and full compliance with the new regulatory framework will be required by December 2024. Across the European market, global financial service provider Mercuryo recently partnered with Mastercard to roll out Spend, a euro-denominated crypto debit card.
Additionally, the luxury sports car Ferrari is contemplating adopting a Bitcoin (BTC) payment option on its platform for its European customers.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making decision.
