Following in the footsteps of rival exchange Coinbase, the major US-based cryptocurrency exchange Kraken is planning to officially enter the European market.
Co-founder and CEO of Kraken Jesse Powell Said that his company is actively seeking to obtain a European license and has already conducted potential regulatory approvals for several local jurisdictions this year.
In an interview with the German business news agency The Handelsblatt on Tuesday, Powell Noticed Kraken has been negotiating with a number of European regulators, among which countries such as Malta, Luxembourg, and Ireland are the most likely to obtain licenses for U.S. cryptocurrency exchanges.
According to reports, the CEO stated that Kraken has not yet made any decisions on its potential European regulatory jurisdiction, but the company still plans to obtain a license before the end of 2021. Kraken has been providing some services to users in European countries. Launch of the Kraken mobile app in Europe January 2021.
A Kraken spokesperson told Cointelegraph that as one of the world’s largest cryptocurrency exchanges, Kraken currently operates in nearly 190 jurisdictions around the world. “We currently provide access to our European customers through our entities registered with the FCA in the UK and comply with applicable 5AMLD requirements. We are actively exploring multiple options to maintain current and future compliance, including active efforts to obtain various Kind of European license,” the representative said.
Related: PayPal launches encryption service for UK customers
News will come soon Coinbase’s European branch obtains a cryptocurrency license In June, from the German Federal Financial Supervisory Authority (BaFin). The license allows Coinbase’s local branches to legally provide the exchange of virtual currency and legal currency.The company had Previously provided a series of encryption services The same is true for European users.
Kraken was launched in September 2013 and is the fifth largest cryptocurrency exchange in the world at the time of writing, with daily trading volume Amount According to data from CoinGecko, an encrypted tracking source, it reaches 1.2 billion U.S. dollars. Coinbase, the company’s biggest competitor, Listed directly on NASDAQ Exchange in mid-April.According to Powell, Kraken has Consider IPOs more seriously After Coinbase’s debut on Nasdaq, the exchange Follow public listing Before the end of 2022.
