Kraken, a San Francisco-based cryptocurrency exchange, has revealed its plans to acquire Coin Meester B.V. (BCM), a well-established registered crypto broker in the Netherlands.
Expanding Business in Europe
Kraken emphasized its commitment to growing its business in Europe through this acquisition. Kraken CEO David Ripley stated, “This acquisition highlights our commitment to growing our business in Europe. We intend to leverage our strong financial position and highly competitive product offering.”
Reliable Services for Dutch Users
Coin Meester B.V. (BCM) has built a strong reputation in the Netherlands since its founding in 2017. Formerly known as Bitcoin Meester, the platform offers reliable services for buying, selling, and staking cryptocurrencies. As a registered cryptocurrency service provider with De Nederlandsche Bank (DNB), BCM has established itself as a trusted platform for Dutch users.
With access to over 170 cryptocurrencies and a robust local funding infrastructure, Coin Meester B.V. has earned the trust of users in the Netherlands.
Expanding Kraken’s Footprint
While the financial details of the acquisition remain undisclosed, it is expected to strengthen Kraken’s presence in the Netherlands. Additionally, clients of Coin Meester B.V. will gain access to Kraken’s comprehensive product range, industry-leading liquidity, elevated security standards, and round-the-clock client support.
Mitchell Zandwijken, CEO of Coin Meester B.V., noted, “This acquisition will provide our clients with even more robust services and aligns with the European Commission’s MiCA regulatory framework, offering greater regulatory clarity and ensuring more competitive and secure crypto products and services.”
Compliance with European Regulations
Kraken is actively working towards expanding its business in compliance with European regulations. The acquisition of Coin Meester B.V. aligns with Kraken’s existing VASP licenses in Ireland, Italy, and Spain. The company is also seeking registrations in other key European markets.
It’s important to highlight that the acquisition deal with Coin Meester B.V. is subject to regulatory approval, including clearance from the Dutch central bank. This demonstrates the commitment of both companies to adhere to the regulatory framework in the Netherlands.
Kraken’s strategic moves to establish a stronger presence in Europe include significant regulatory steps in Spain and Ireland. The exchange obtained an EU e-money license, opening up opportunities for expansion, and successfully registered with the Bank of Spain for a VASP license.
The Impact of MiCA Legislation
The recent successes of crypto firms in Europe are closely tied to the emergence of the Markets in Crypto Assets (MiCA) legislation. This comprehensive framework provides regulation for various aspects of the cryptocurrency industry, including exchanges, stablecoins, and other Web3 services.
By acquiring Coin Meester B.V., Kraken is not only strengthening its position in the Netherlands but also aligning itself with the regulatory landscape in Europe, ensuring greater consumer access to competitive and secure crypto products and services.
