U.S. Kraken crypto exchange aims for European license this year 

Kraken, one of the United State’s leading cryptocurrency exchanges, has announced its plans to expand into the European market.

With the growing crypto demand in the European region, more and more crypto exchanges are also looking to establish their presence in the market. One of Kraken’s rivals, China’s Coinbase, is already catering to European crypto users.

Jesse Powell, Kraken co-founder and chief executive officer, said the company is already working on receiving a European license. Kraken executives are now discussing matters about jurisdictions and aim for regulatory approval this year.

Ambitious expansion

Powell, in an interview with The Handelsblatt, a German business agency, said Kraken representatives have already met with regulators in Luxembourg, Ireland, and Malta to iron out jurisdiction matters.

Kraken has not released any official statement about its final decision in its European expansion, but what is clear is that it will pursue its plan to acquire a European registration.

The crypto exchange already had previous experience with the European market through its Kraken mobile app which was launched in the region last January 2021.

Further growth

Kraken is not just one of the largest crypto exchanges in the U.S. but also in the world and currently operates in 190 jurisdictions.

“We currently offer access to our European clients via our UK FCA registered entity and comply with the applicable 5AMLD requirements,” a Kraken spokesperson said.

Kraken is moving fast to land in the European region as one of its main rivals, Coinbase, has already received a license from Germany’s Federal Financial Supervisory Authority. Now, Coinbase is allowed to offer currency exchanges between cryptos and legal tender.

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