Crypto exchange Kraken is trying to become a bank in Europe
Crypto exchange Kraken is seeking a banking license in Europe to expand its financial services, following a similar regulatory path as fintech firm Revolut. This move is part of a global strategy to obtain banking status in multiple regions.
Why it matters
If successful, Kraken would be the first crypto exchange to hold a European banking license, potentially bridging the gap between traditional finance and digital assets.
If the firm gets the license, Kraken would be the only crypto exchange to have such a designation. It will also tread the same regulatory path as fintech major Revolut, which holds a specialized European banking license issued in 2018 and regulated by the Bank of Lithuania. This allowed Revolut to offer full current accounts, consumer lending, and stock trading across the European Economic Area (EEA). Other fintech firms holding a banking or specialized bank license in Lithuania include Revolut Bank (which holds a full banking license), Mano Bank, PayRay, European Merchant Bank (EMBank), AB Fjord Bank, and Saldo Bank.
The article reports on corporate strategy and regulatory processes without taking a stance on the crypto industry.
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