Kraken CEO Says Crypto Exchange Aims To Win European License This Year | Currency News | Financial and business news

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Jesse Powell is CEO of Kraken.

Kraken

Kraken CEO Jesse Powell told the German Handelsblatt that the cryptocurrency exchange is working towards obtaining a license in the EU. He said talks with regulators are ongoing, with Malta, Ireland and Luxembourg on Kraken’s list. Powell wants to obtain a license in a European market by this year. See more stories on the Insider business page.

U.S. cryptocurrency exchange Kraken is working to gain approval to operate in Europe, the company’s founder and CEO Jesse Powell told German business newspaper Handelsblatt.

Kraken, whose platform allows users to buy, sell and trade bitcoin and more than 70 tokens, is keen to expand on the continent in 2021, according to a translated interview with Powell published on Tuesday.

The company is seeking a license in a European Union country and discussions with various regulators are underway, he said. Malta, Luxembourg and Ireland are among Kraken’s target markets. Kraken is one of the largest crypto exchanges, with a transaction volume of $ 1.71 billion in the past 24 hours, according to CoinMarketCap.com.

London-based Crypto Facilities Ltd. of Kraken, a cryptocurrency derivatives trading platform, is authorized and regulated by the Financial Conduct Authority of the United Kingdom. Handelsblatt noted that the UK has left the EU and an EU-wide license is no longer available.

Kraken’s rival Coinbase was granted a cryptocurrency custody and trading license from German financial services regulator BaFin in June. Powell told Handelsblatt that Kraken has had discussions with BaFin but local regulations are too difficult and restrictive and ultimately too expensive for the company.

Kraken could also be on the way to an initial public offering. In June, Powell told Fortune he was considering a traditional IPO instead of the direct listing route taken by Coinbase, whose shares began trading in April.

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