After Brexit Kraken is seeking another license to resurface on the European market, with the best options including Ireland, Malta, and Luxembourg.
According to its trading volume, Kraken ranks second in the United States as the largest crypto exchange. It is currently seeking a license to reenter the European market in the latter part of 2021. Kraken has started a dialogue to this end with regulators in different European countries.
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According to the Kraken spokesperson for the exchange, it initially operated in Europe. However, European customers cannot access the exchange through entities registered with the FCA (Financial Conduct Authority) in the UK.
Kraken claims that it has complied with all applicable requirements 5AMLD– Fifth EU Anti-Money Laundering Directive. Kraken will need supplies to return to Europe after Britain’s exit. According to the spokesperson for the exchange, this was earlier stated by the spokesperson.
“Kraken is a regulatory compliant exchange and exists in nearly 190 jurisdictions around the world. He maintains constructive dialogues with European crypto regulators. He said that the company will continue to comply with regulations.
Jesse Powell, Kraken’s founder and CEO, stated that the company is currently working to obtain a European country license. In an interview with Handelsblatt (a German business publication), he made this public.
Powell said that the Kraken Exchange aims to reenter Europe by the year 202. It will be able to travel with the Republic of Ireland and Malta, as well as Luxembourg, in order to obtain such a license. They have not yet set a date, as they continue to discuss.
Coinbase was granted a crypto trading license and custody license last June for its new German division. It is the United States’ largest crypto exchange and its main competitor with the BaFin license, the German Federal Financial Supervisory Authority. Coinbase also provides services to users from other European countries.
Powell stated that the exchange is not subject to the same fate as Coinbase. Powell said that the exchange had also been in contact with BaFin but found the German weather to be too harsh and restrictive. They found it too costly to operate in these conditions.
The crypto exchange was planning to raise capital to increase its market valuation to San Francisco-based company to $ 10 billion. This was revealed by a ReportIt was speculated that the exchange would go public in April of this year. It was similar to Coinbase’s April direct listing.
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Powell confirmed on the list that he intends to do something similar. He then agreed to make adjustments to the initial plans, and he also looked at a more traditional initial publicly offered.
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