Kraken, the cryptocurrency exchange that plans to go public in the United States, is pursuing a full banking license in Europe, focusing on Lithuania as the jurisdiction to secure it, according to a person familiar with the plans.
If the company gets the license, Kraken would be the only crypto exchange to have such a designation. It will also tread the same regulatory path as fintech major Revolut, which has a specialized European banking license issued in 2018 and regulated by the Bank of Lithuania. This enabled Revolut to offer full current accounts, consumer lending and share trading across the European Economic Area (EEA). Other fintech companies that have a banking license or specialized banking license in Lithuania include Revolut Bank (which has a full banking license), Mano Bank, PayRay, European Merchant Bank (EMBank), AB Fjord Bank and Saldo Bank.
Kraken declined to comment on the plans. A Bank of Lithuania spokesman said the licensing process for financial market participants is confidential.
The move to achieve full banking status in Europe is part of a wider effort by Payward, Kraken’s parent company, to obtain additional licenses globally.
