Crypto exchange Kraken has unveiled its plan to acquire Dutch crypto broker Coin Meester B.V. (BCM). 

Kraken explained that the Netherlands is a key market in its European expansion plans. “We are committed to growing our business in compliance with European regulations,” the exchange emphasized, adding that it is “actively pursuing” registrations in several European markets. 

Kraken to Acquire a Crypto Broker in the Netherlands Cryptocurrency exchange Kraken announced on Thursday its “planned acquisition of Coin Meester B.V. (BCM) in the Netherlands.” Kraken explained that BCM, founded in 2017, is one of the Netherlands’ “oldest and most respected registered crypto brokers.” 

The company provides services to buy, sell, and stake crypto, including access to over 170 cryptocurrencies. The proposed acquisition will enable Kraken to strengthen its presence in the Netherlands and allow BCM’s clients to benefit from Kraken’s product offering, liquidity, security standards, and 24/7/365 live client support, the announcement details. 

Kraken CEO David Ripley commented: “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 executive added: The Netherlands has one of the world’s most advanced economies, with a well established culture of innovation and a high level of crypto adoption. 

This makes it a key market for us in our European expansion plans. “Our decision to accelerate European growth plans follows the European Commission’s establishment of Markets in Crypto-Assets (MiCA) regulatory framework, which allows industry players to confidently invest in the region and provide consumers access to more competitive products and services,” Kraken detailed. 

The crypto exchange explained: We are committed to growing our business in compliance with European regulations; in addition to our VASP [virtual asset service provider] licenses in Ireland, Italy and Spain, we are actively pursuing registrations in other European markets. Kraken noted that the proposed acquisition is “subject to customary closing conditions, including obtaining the required regulatory approvals.” 

Source : Bitcoin News by Kevin Helms / October 07, 2023