Kraken exchange wants to get a European licence this year

Kraken Exchange Pursues European Licence in 2021

Kraken, the US-based cryptocurrency exchange, has set its sights on gaining a European cryptocurrency licence to expand its global presence this year.

Kraken has established itself as one of the leading crypto exchanges with over four million users in over 200 countries. JohnDuffy, VP of Business Development at Kraken, said “We’re eyeing a licence within Europe to ensure that customers in the European Union have access to our services. This has been a long-term goal for us, and we’re excited to make it happen in 2021”.

What Benefits Will Kraken Receive?

A European licence will enable Kraken to better serve its current EU customers and expand its global presence. It is believed that such a licence will also provide some of the following benefits:

• Enhanced Security: Kraken will be subject to more stringent security standards as a result of its new licence, resulting in better protection of customer assets.
• Expanded Services: Kraken will be able to offer a more comprehensive range of services, including margin trading and new asset classes.
• Increased Confidence: As a regulated entity, customers will have greater confidence in the platform’s ability to protect their assets and provide reliable services.

Conclusion

It’s clear that Kraken’s goal of obtaining a European licence will bring with it a variety of benefits and will further solidify its position as one of the world’s leading crypto exchanges. The future looks bright for Kraken as it sets out on its quest for European regulatory approval. Kraken Exchange, a popular cryptocurrency exchange platform, plans to apply for a license in Germany. The decision was announced by CEO Jesse Powell during a speech at the Berlin Bitcoin Conference, organized by Coinsbank.

This licensing process is a crucial step in reaching out to new markets, as German regulators have been taking a strict stance with online cryptocurrency exchanges. Several such exchanges have already been shut down because of their compliance with the regulations. Thus, getting a license in Germany could open up new opportunities for Kraken Exchange, as well as helping it to become a more trusted trading platform.

Kraken Exchange offers a wide variety of trading options, including spot trading, margin trading and futures trading. It also supports an impressive number of different currencies, and customers can even use leverage to increase their profits.

The exchange plans to apply for the license by the end of the year and is currently working with a number of experts in the field to ensure that all necessary requirements are met. After that, it will need to go through a process of assessment by the German financial regulator.

This will be the first time that a major cryptocurrency exchange has applied for a license in Germany. If successful, the move could help to legitimize cryptocurrencies in the wider European market, and could provide customers with more protection and assurance, as well as opening up new opportunities for investors.

It remains to be seen whether Kraken Exchange will be able to get the German license. Regardless, it is an important step in the development of cryptocurrencies, and one that could have far-reaching consequences.