Kraken's European strategy advances as company secures Dutch license

Kraken has secured a license in the Netherlands, allowing the crypto exchange to offer services in the country, the company announced on Thursday. 

The company received notification that it had obtained a virtual asset service provider (VASP) registration from the Dutch Central Bank (DNB), it said in a blog post. The announcement follows Kraken's acquisition of the Dutch crypto broker BCM last October, a move it said at the time would help the trading platform "to strengthen" its "presence in the Netherlands." 

“The Netherlands has a vibrant startup and technology sector, a strong financial services industry and the highest fintech adoption rate among developed economies. It also has one of the highest crypto adoption rates in Europe with around 20% of Dutch citizens owning crypto,” Kraken said in its post. 

Securing the license in the Netherlands can be viewed as one more incremental advancement in Kraken’s broader plans to expand throughout Europe. The company has also obtained licenses in Spain, Italy and Ireland.

Kraken progressing with European expansion

“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate. We see a lot of opportunity to introduce our offering to both retail clients and professional traders in the Netherlands and across Europe,” Kraken's Managing Director in Europe Brian Gahan said in a statement.

In the U.S., Kraken was sued by the Securities and Exchange Commission in November for allegedly operating as an unregistered online trading platform. The company later said its business had not been impacted by the lawsuit.