Kraken and Coinbase Expand Offerings in EU and UK

Kraken and Coinbase, two of the largest cryptocurrency exchanges based in the United States, are set to expand their offerings across the European Union and the UK following key regulatory approvals received on Monday.

Regulatory Approvals

• Kraken: Obtained a Markets in Financial Instruments Directive (MiFID) license in the EU after acquiring a Cypriot investment firm approved by the Cyprus Securities and Exchange Commission.
• Coinbase: Secured a Virtual Asset Service Provider (VASP) registration from the UK’s Financial Conduct Authority.

New Opportunities

With these approvals, Kraken can now provide advanced crypto traders access to compliant derivatives products in certain EU markets. Coinbase’s VASP registration allows it to offer both crypto and fiat services in the UK.

Both companies are poised to take advantage of upcoming regulations: the EU’s Markets in Crypto-Assets (MiCA) regulations will fully be in effect across two phases in late 2024, while the UK’s comprehensive crypto regulatory framework is anticipated to launch in early 2025.

Commitment to Markets

Shannon Kurtas, Kraken’s Co-GM of Pro and Exchange, emphasized the company’s commitment to the European market, stating, “As we continue to expand our services across the globe, our focus on the European market remains a top priority. This acquisition reflects our confidence in the EU and underscores our commitment to providing a trusted, regulated environment for advanced crypto traders and investors.”