Kraken Plans to Acquire Dutch Crypto Broker BCM to Grow Business in Europe

US-based crypto exchange Kraken announced its planned acquisition of Coin Meester B.V. (BCM), one of the Netherlands' oldest registered crypto brokers, aiming to strengthen its presence in the region and grow its business in Europe.

Completion of the proposed acquisition is subject to customary closing conditions, including obtaining the required regulatory approvals. Financial details of the transaction weren't disclosed.

According to Kraken, the acquisition of part of its European growth plans. Following the European Commission's establishment of Markets in Crypto-Assets (MiCA) regulatory framework, the exchange decided to accelerate its business expansion.

David Ripley, Kraken CEO, stated: "The Netherlands has one of the world's most advanced economies, with a well-establishe culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans. The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM's clients to benefit from an even more robust product offering."

Mitchell Zandwijken, Co-founder and CEO of BCM, said: "We founded BCM because we wanted to make crypto accessible to everyone. Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward. Our clients will benefit from all that crypto has to offer through Kraken's continuous investment and innovation."

As of now, the cryptocurrency exchange has obtained VASP licenses in Ireland, Italy, and Spain​, and is actively seeking registrations in other European markets.

The crypto landscape in the Netherlands has changed dramatically due to changes in the regulatory environment. A week ago, cryptocurrency exchange Gemini announced that it would stop offering services to customers in the Netherlands from Nov. 17, citing regulatory pressures. In June this year, Binance​, a crypto giant, decided to withdraw from the Dutch market after a bid to obtain a VASP licence. By contrast, Crypto.com successfully entered the local crypto market after receiving cryptocurrency service provider registration approval from the Dutch Central Bank in July.