Cryptocurrency exchange Kraken has announced the acquisition of a regulated company from the Netherlands — Coin Meester. This move is aimed at strengthening the exchange’s position in Europe ahead of the implementation of the cryptocurrency regulation law in the European Union (MiCA). Brian Gahan, Managing Director of Kraken in Europe, noted that the European cryptocurrency market is «highly fragmented,» and some consolidation is expected in the coming years due to growing competition.
Expansion of services for European clients
Upon completion of the deal, Kraken will be able to offer regulated digital asset services to EU citizens directly or through a network of partners in eight European countries: Germany, Spain, Italy, Belgium, Ireland, France, Poland, and the Netherlands. Over the next few months, all Coin Meester clients will gain full access to more than 200 digital assets and will be able to take advantage of the combined digital platform.
Unexpected restrictions for German users
Despite the expansion of services, Kraken has blocked Bitcoin withdrawals via the Lightning Network for clients from Germany without prior notice. This decision raises questions about the exchange’s strategy regarding various services and regions, especially in light of the upcoming MiCA regulation.
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