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Kraken has completed its acquisition of one of the Netherlands' oldest crypto brokers, Coin Meester BV (BCM).
The move comes as part of Kraken's initiative to strengthen its European expansion, ahead of the implementation of the Markets in Crypto-Assets Regulation (MiCA).
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“The completion of the BCM acquisition is a key milestone in our European expansion, allowing us to leverage our strong footprint and market-leading position in euro volume and liquidity to significantly grow our market share in the years ahead,” said Brian Gahan, Kraken Managing Director Europe.
In its announcement, Kraken described the European market as "highly fragmented" and said that "rising costs combined with growing competition are expected to drive consolidation in the years ahead."
Kraken also offers Virtual Asset Service Provider (VASP) services directly or through a partnership in Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France and Poland.
BCM clients will benefit from Kraken's product offering, including access to over 200 digital assets, market-leading liquidity, superior security standards and 24/7/365 live, local-language client support.
Last month, a California judge ruled that the US Securities and Exchange Commission’s (SEC) lawsuit against Kraken will go to trial.
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Back in November 2023, the SEC accused the crypto exchange of violating federal securities laws by failing to register as a broker, clearinghouse, or exchange. The lawsuit seeks to permanently bar Kraken from further securities violations and demands the return of its so-called "ill-gotten gains," along with other penalties.
