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09/24/2024

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Kraken Acquires Dutch Cryptocurrency Broker BCM

🚀 Stay Ahead with AltcoinDaily.co! 🌐 Kraken, one of the leading cryptocurrency exchanges, has successfully acquired Coin Meester B.V. (BCM), a Dutch cryptocurrency broker. According to the blog post, this...

Kraken Acquires Dutch Cryptocurrency Broker BCM

🚀 Stay Ahead with AltcoinDaily.co! 🌐

Kraken, one of the leading cryptocurrency exchanges, has successfully acquired Coin Meester B.V. (BCM), a Dutch cryptocurrency broker. According to the blog post, this move aligns with Kraken’s broader goal of expanding its presence within the European market. 

Kraken Expands its Footprint in European Countries

With the growing regulatory emphasis on virtual asset services, Kraken’s strengthened position through BCM will enhance its operations in the Netherlands and bolster its role as a registered Virtual Assets Service Provider (VASP) in other European countries, including France and Poland. For BCM clients, this acquisition brings new benefits. Over the next several months, BCM users will gain access to Kraken’s extensive suite of services. 

This includes the ability to trade and invest in over 200 digital assets and a diverse portfolio designed to cater to various trading preferences. Kraken’s renowned 24/7 customer support will also be available to BCM clients in their local languages, enhancing the overall user experience by providing more tailored assistance.

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As Kraken continues its expansion, its presence in the European crypto market will likely grow stronger. This deal highlights Kraken’s vision as a key player in the global cryptocurrency landscape.

Kraken Expands Custody Services to the UK and Australia

Some months ago, Kraken Institutional expanded its custody services to institutional clients in the UK and Australia. Interestingly, this move marked the first international move since its US launch in March. The initiative also aims to cater to the growing demand from institutions such as hedge funds and exchange-traded fund issuers, which require secure and scalable solutions for managing digital assets.

As the demand for custody alternatives grows, Kraken Custidy offers institutions a solution that combines advanced security protocols and role-based access controls. This service integrates seamlessly with the broader exchange’s product suite, providing institutions with more secure storage.

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Kraken Takes Steps to Align Its Operation

Recall that the exchange encountered a significant legal challenge in Australia. Just recently, an Australian Federal Court ruled in a lawsuit brought by the Australian Securities and Investments Commission (ASIC). The lawsuit centered around Kraken’s offering its Magic Extention Product to Australian retail investors, particularly focusing on providing margin trading services.

Furthermore, the court made a key distinction regarding Kraken’s margin trading offerings in cryptocurrency. In response to the court’s ruling, Kraken Exchange has taken immediate steps to align its operations with the legal requirements. The exchange has moved to restrict margin trading in fiat currency for Australian clients. It has also limited such services only to wholesale investors or clients who meet specific criteria.

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