Kraken plans to acquire Dutch cryptocurrency broker BCM, continuing its expansion in Europe.

The well-established U.S. exchange Kraken has recently been focusing on expanding its European operations, and has announced plans to acquire the Dutch cryptocurrency broker Coin Meester BV BCM to accelerate its progress in the European market.

BCM Offers Over 100 Cryptocurrency Services

The cryptocurrency broker BCM was established in 2017 and provides services for buying, selling, and staking cryptocurrencies, including access to over 170 different cryptocurrencies and a robust local funding channel.

The CEO of Kraken, David Ripley, stated:

The Netherlands is one of the most advanced economies in the world, with a strong culture of innovation and high levels of cryptocurrency adoption. It is a key market for our European expansion plans. Acquiring BCM will position Kraken strongly in the Dutch market and benefit BCM's clients with a stronger product offering.

The proposed acquisition is subject to regulatory approval, and Kraken has not disclosed the financial details of the transaction.

Kraken Accelerates European Plans Under MiCA Framework

Kraken's decision to accelerate its growth plans in Europe comes after the establishment of the MiCA regulatory framework for crypto assets by the European Commission. This framework allows industry participants to confidently invest in the region and provides consumers with more competitive products and services.

In addition to obtaining VASP licenses in Ireland, Italy, and Spain, Kraken is actively seeking registration and compliance in other European markets.

Furthermore, Kraken is making significant strides in the derivatives market. In 2019, Kraken acquired Crypto Facilities based in London, which in 2021 obtained a custodial crypto asset license from the Financial Conduct Authority (FCA). According to previous reports, Crypto Facilities is in discussions with the regulatory authority FCA to expand its license to offer a wider range of futures contracts to clients, a process that may take 6 to 12 months. Currently, Crypto Facilities provides leveraged and cash-settled futures contracts for institutional investors in Bitcoin and Ethereum.