Kraken Pushes European Expansion with Acquisition of BCM— tch cryptocurrency dealer Coin Meester and Strengthening compliance and foothold.
Kraken, a well-known virtual currency exchange network, has announced its plan to buy Coin Meester B.V. (BCM), a reputable cryptocurrency broker headquartered in the Netherlands, to expand its European business environment.
This tactical acquisition intends to strengthen Kraken’s compliance with the shifting regulatory environment while solidifying Kraken’s position in the European market.
Kraken Acquiring BCM
According to a statement by Kraken. B M was founded in 2017 and has already earned a reputation as one of the Netherlands’ most established and reputable registered cryptocurrency brokers.
The blog article claims this exchange enables buying and selling—a d staking access to more than 170 cryptocurrencies and local funding options. I have also listed 170 different crypto assets.
With the new merger/acquisition. K taken will be able to reach more customers in the Dutch market and give BCM’s clients access to its wide range of products. With this partnership, Kraken anticipates providing improved liquidity, e-security—and live client assistance to BCM customers.
“BCM’s clients will be able to take advantage of an even more robust product offering thanks to Kraken’s acquisition of BCM, which will give Kraken a significant position in the Dutch market.”
The CEO also pointed out that the Netherlands is already one of the most innovative and crypto-adopting economies in the world, making it Kraken’s primary target for its intentions to expand across Europe.
Mitchell Zandwijken, the CEO and co-founder of BCM, concurs that this is a triumphant story. H stated:
“Thanks to Kraken’s ongoing investment and innovation, our clients will benefit from everything that cryptocurrency offers,” the company claims.
Kraken Racing Towards European Regulatory Compliance
The acquisition of BCM by Kraken is a step in the company’s strategy to comply with regulations. Particularly in the European Union. The Markets in Crypto-Assets (MiCA) regulatory framework. Which includes rules for cryptocurrencies, stablecoins, and other blockchain assets, was recently developed by the European Commission.
Additionally, the new structure enables business owners to invest in the area and give customers access to services.
However, obtaining legitimate VASP registration in the area is necessary. Ireland’s Apex Bank granted Kraken a permit to function as an e-money institution in the nation in September.
Through its Apex Bank, another nation, Spain, has formally registered Kraken as a VASP. The exchange also holds a cryptocurrency-related operating license in Italy and actively seeks additional registrations in other countries.