Kraken, the cryptocurrency exchange planning to go public in the United States, is seeking a full banking license in Europe, with a focus on Lithuania as the jurisdiction to obtain it, according to a person familiar with the project.
If the company obtains the license, Kraken would be the only crypto exchange to have such a designation. It will also follow the same regulatory path as fintech company Revolut, which holds a specialized European banking license issued in 2018 and regulated by the Bank of Lithuania. This has enabled Revolut to offer comprehensive current accounts, consumer loans and equity trading across the European Economic Area (EEA). Other fintech companies holding a banking or specialized banking license in Lithuania include Revolut Bank (which holds a full banking license), Mano Bank, PayRay, European Merchant Bank (EMBank), AB Fjord Bank and Saldo Bank.
Kraken declined to comment on these plans. The spokesperson for the Bank of Lithuania said that the process of authorization of financial market participants was confidential.
The move to obtain full banking status in Europe is part of a broader effort by Payward, Kraken’s parent company, to secure additional licenses globally.
