Kraken Secures MiFID License in the EU
In a significant move to enhance its operations in Europe, crypto exchange Kraken has successfully obtained a Markets in Financial Instruments Directive (MiFID) license within the European Union. This pivotal achievement enables Kraken to offer a range of crypto derivatives products across the 27-nation bloc.
To acquire this vital license, Kraken strategically purchased a Cypriot investment firm that was already licensed by the Cyprus Securities and Exchange Commission (CySEC). This acquisition not only streamlines Kraken’s entry into the European market but also aligns with its broader growth strategy in the region.
In a recent blog post, the company expressed enthusiasm about this development, stating, “In the coming months, we will work on meeting the conditions to go live and launch the products in local EU markets.” This announcement highlights Kraken’s commitment to expanding its offerings and catering to the evolving needs of European clients.
Kraken now joins the ranks of other prominent exchanges, such as Bitstamp and FTX EU (the latter recently acquired by BackPack), which also hold the MiFID license. This regulatory endorsement is part of Kraken’s ambitious expansion plan across Europe, reflecting its determination to establish a strong foothold in the region.
Additionally, it is noteworthy that Kraken previously acquired Crypto Facilities, a crypto futures platform regulated by the U.K. FCA, back in 2019. This strategic acquisition further underscores Kraken’s dedication to enhancing its service offerings and solidifying its position as a leading player in the cryptocurrency exchange landscape.
