Kraken, the cryptocurrency exchange that plans to go public in the US, is seeking a full banking license in Europe, with a focus on Lithuania as a jurisdiction to secure it, according to a person familiar with the plans.
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 major Revolut, which holds a specialized European banking license issued in 2018 and regulated by the Bank of Lithuania. This enabled Revolut to offer full current accounts, consumer loans and share trading across the European Economic Area (EEA). Other fintech companies that hold a banking or specialized bank 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 the plans. A spokesperson for the Bank of Lithuania said the process of licensing participants in financial markets is confidential.
The decision to obtain full banking status in Europe is part of a broader effort by Payward, Kraken’s parent company, to obtain additional licenses globally.
