- Kraken has announced its acquisition of Dutch crypto broker BCM, strengthening its European expansion
- The deal allows Kraken to enhance its presence in the Netherlands, providing BCM’s clients with access to Kraken’s comprehensive crypto services
- The acquisition aligns with Kraken’s European growth plans under the newly implemented Markets in Crypto-Assets (MiCA) regulatory framework
Crypto exchange OG Kraken has confirmed its acquisition of Dutch crypto broker Coin Meester B.V. (BCM) as part of its strategy to expand in Europe. The acquisition will boost Kraken’s presence in the Netherlands and enable BCM clients to access Kraken’s extensive product range, liquidity, and 24/7 customer support. Of more importance, however, is BCM’s Virtual Asset Service Provider (VASP) license, which Kraken allows the company to trade legally in the region.
VASP License Attracts Kraken
Founded in 2017, BCM is one of the oldest crypto brokers in the Netherlands, offering services for over 170 cryptocurrencies. Kraken CEO David Ripley noted in a press release that “The Netherlands has one of the world’s most advanced economies and a high level of crypto adoption,” adding, “This acquisition will significantly bolster our position in this key market.”
Whatever positives Ripley might see in a Dutch outpost, of more importance is the VASP license it holds. The license, issued by the Dutch central bank, De Nederlandsche Bank (DNB), will allow Kraken to legally provide cryptocurrency trading and staking services in the Netherlands while complying with local regulatory requirements.
VASP licenses are part of the regulatory framework ensuring that companies offering crypto-related services adhere to anti-money laundering (AML) and counter-terrorist financing (CTF) standards.
Exchange Giants Branching Out
Coinbase, another major player, has also expanded in Europe, securing licenses in multiple countries such as Italy, Spain, and the Netherlands. These moves are part of its strategy to remain competitive under the new Markets in Crypto-Assets (MiCA) regulations.
Mitchell Zandwijken, CEO of BCM, expressed optimism about the acquisition, stating, “Kraken is a pioneer in the industry. Our clients will greatly benefit from Kraken’s continued innovation and leadership in the crypto space.”
Kraken’s acquisition comes as Europe sees increasing regulatory clarity with the introduction of the Markets in Crypto-Assets (MiCA) framework, making it a more attractive market for crypto companies. Ripley emphasized Kraken’s commitment to regulatory compliance and ongoing investment in Europe, calling the region a significant opportunity for consolidation and growth.
