The crypto exchange aims to become the first in Europe with a bank license as it expands globally ahead of a planned U.S. IPO.
Cryptocurrency exchange Kraken has applied for a bank license in Lithuania, seeking to become the first crypto firm in Europe to secure such approval. The move aligns with its broader strategy to integrate with traditional financial systems and expand its global footprint. Lithuania’s central bank has shown openness to foreign applicants, with other fintech firms already holding licenses there.
Kraken’s push for a bank license follows its recent access to the U.S. Federal Reserve’s payment infrastructure, a milestone for crypto firms. CEO Arjun Sethi has emphasized the importance of obtaining banking licenses, either through acquisitions or new applications. The exchange plans to go public in the U.S. later this year or in early 2027.
If approved, Kraken would gain a competitive edge in Europe, where regulatory clarity for crypto firms remains limited. The license could also bolster its credibility ahead of its anticipated IPO, positioning it alongside traditional financial institutions.