To broaden its European business landscape, Kraken, an already prominent virtual currency exchange network, just declared its intention to acquire Coin Meester B.V. (BCM), a respected crypto broker based in the Netherlands.

This strategic acquisition aims to cement Kraken’s foothold in the European region while enhancing compliance with the changing regulatory climate.

Kraken Acquiring BCM

As per a statement by Kraken, BCM was established in 2017 and has already amassed a reputation as one of the oldest and most trusted registered crypto brokers in the Netherlands.

According to the blog post, this exchange has already listed 170 different crypto assets and offers buying, selling, and staking, including access to over 170 cryptocurrencies and local funding avenues.

The new merger/acquisition will help Kraken expand deeper into the Dutch market, offering BCM’s clients access to its comprehensive product range. Through this collaboration, Kraken plans to bring higher security measures, better liquidity, and live client support available 24/7 for BCM clients.

David Ripley, the CEO of Kraken, said:

“The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.”

The CEO also noted that the Netherlands is already one of the world’s most advanced economies in innovation and crypto adoption, priming the region as Kraken’s key market for European expansion plans.

The CEO and co-founder of BCM, Mitchell Zandwijken, also sees this as a tale of triumph. He said:

 “With Kraken’s track record spanning well over a decade, our clients will benefit from all that crypto has to offer through Kraken’s continuous investment and innovation.”

Kraken Racing Towards European Regulatory Compliance

Kraken’s move to acquire the Dutch giant BCM is part of its plan to earn regulatory compliance, especially in the European region. The European Commission recently established the Markets in Crypto-Assets (MiCA) regulatory framework, which offers regulations for crypto, stablecoins, and other blockchain assets.

Moreover, the new framework allows industry players to invest in the region and offer consumers access to services.

However, the requirement is obtaining proper VASP registration in the region. In September, Ireland’s Apex Bank granted Kraken a license to operate as an e-money institution in the county.

Another country, Spain, through its Apex Bank, also officially registered Kraken as a VASP. The exchange also has an operating license related to crypto in Italy, and it’s actively seeking more registrations in other countries.

The post Kraken Pushes European Expansion with Acquisition of BCM appeared first on CryptoPotato.

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Filed under: Bitcoin - @ October 6, 2023 10:22 pm