The crypto exchange aims to secure a full banking license, following Revolut’s path to offer broader financial services in the EEA.
Cryptocurrency exchange Kraken is pursuing a full banking license in Europe, targeting Lithuania as its primary jurisdiction. The move would allow Kraken to offer services like current accounts and consumer lending across the European Economic Area, similar to fintech firm Revolut, which secured a specialized license in 2018.
Kraken’s CEO, Arjun Sethi, outlined plans to acquire licenses over the next decade, either through acquisitions or new applications in each region. Lithuania has emerged as a hub for fintech banking licenses, with firms like Revolut Bank, Mano Bank, and Saldo Bank already operating under such designations.
If successful, Kraken would become the first crypto exchange with a full banking license in Europe. The exchange, which plans a U.S. public listing, declined to comment on the licensing efforts.