US-based exchange Kraken has declare The acquisition of Dutch cryptocurrency exchange Coin Meester BV (BCM) has not yet been completed, and the company has set its sights on European expansion.
While financial details of the deal have not been disclosed, Kraken and BCM announced the upcoming acquisition following the implementation of the European Union’s implementation of its Markets in Crypto-Assets (MiCA) regulatory framework.
Kraken’s announcement highlights its plans to grow its business in Europe, having secured virtual asset service provider (VASP) licenses to operate in Ireland, Italy and Spain.
In a statement, Kraken CEO David Ripley highlighted the Netherlands’ economic strength, high level of cryptocurrency adoption and culture of innovation as driving factors in seeking to establish an operational base in the country.
“The acquisition of BCM will give Kraken a sizeable position in the Dutch market and enable BCM’s customers to benefit from a stronger product offering.”
BCM co-founder and CEO Mitchell Zandwijken said that its existing customer base will benefit from Kraken’s investment and the innovation brought by this acquisition.
“Kraken is a pioneer in this field with a track record of more than a decade, making it the perfect steward of our business going forward.”
Recently rebranded from Bitcoin Meester and founded in 2017, BCM provides cryptocurrency trading and staking services, including deposits and withdrawals of over 170 cryptocurrencies.
The company is registered as a Dutch cryptocurrency service provider with Dutch central bank ABN AMRO.two companies notes The deal is subject to regulatory approvals, including from the Dutch central bank.
Cointelegraph has reached out to Kraken and BCM for comment on the acquisition.
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