Kraken, a prominent cryptocurrency exchange, has marked another milestone in its European expansion strategy by securing a license in the Netherlands. The company announced on Thursday that it had obtained a virtual asset service provider (VASP) registration from the Dutch Central Bank (DNB), enabling it to offer its services to the Dutch market.
This development comes on the heels of Kraken’s acquisition of the Dutch crypto broker BCM in October last year, a move intended to bolster its presence in the Netherlands. Kraken highlighted the attractiveness of the Dutch market, citing the country’s thriving startup and technology sector, strong financial services industry, and high fintech adoption rate, as well as the significant crypto adoption among Dutch citizens.
The Netherlands isn’t the only European market where Kraken is making strategic inroads. The company has also secured licenses in Spain, Italy, and Ireland, reflecting its broader plans to establish a strong foothold across the continent. Brian Gahan, Kraken’s Managing Director in Europe, emphasized the company’s commitment to accelerating its growth strategy in Europe, stating, “With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate. We see a lot of opportunity to introduce our offering to both retail clients and professional traders in the Netherlands and across Europe.”
Despite its successes in Europe, Kraken faced legal challenges in the United States, where it was sued by the Securities and Exchange Commission in November for allegedly operating as an unregistered online trading platform. However, Kraken clarified that the lawsuit had not impacted its business.
This latest achievement in the Netherlands underscores Kraken’s determination to establish a strong presence in the European market. With its expanding suite of services and licenses in key European countries, Kraken is poised to play a significant role in shaping the cryptocurrency landscape in the region.
As Kraken continues to advance its European strategy, the company’s expansion and regulatory milestones indicate a steadfast commitment to serving the needs of crypto traders and investors in multiple jurisdictions across the continent.