Kraken enters Netherlands as Gemini and Binance exit

abdelaziz Fathi

United States-based cryptocurrency exchange Kraken is set to acquire Netherlands-based cryptocurrency exchange Coin Meester B.V. (BCM) as part of its European expansion plans.

While the financial terms of the deal have not been disclosed, Kraken and BCM announced the pending acquisition following the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. Kraken has obtained virtual asset service provider (VASP) licenses to operate in Ireland, Italy, and Spain, and the acquisition of BCM is seen as a strategic move to establish a base of operations in the Netherlands.

Kraken’s CEO, David Ripley, cited the strength of the Dutch economy, high cryptocurrency adoption, and a culture of innovation as factors driving this expansion.

“The Netherlands has one of the world’s most advanced economies, with a well established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans,” he added. “The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.”

BCM Co-founder and CEO Mitchell Zandwijken said, “We founded BCM because we wanted to make crypto accessible to everyone. Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward. Our clients will benefit from all that crypto has to offer through Kraken’s continuous investment and innovation.”

The move comes barely a week after Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, announced that it will cease providing services to customers in the Netherlands, citing regulatory requirements imposed by the country’s central bank.

Gemini asked its Dutch users to withdraw their assets or transfer them to another wallet address before November 17, 2023, when the platform will suspend its operations in the country. Nevertheless, Gemini said it intends to re-enter the Dutch market after it manages to align its operations with the new regulatory guidelines for crypto assets as outlined in the Markets in Crypto-Assets regulations (MiCA).

Rival exchange Binance also exited the Netherlands in June following the rejection of its application to register under the Dutch crypto authorization regime.

Citing the inability to obtain registration as a virtual asset service provider (VASP) with the Dutch regulator, Binance said in June it would no longer be able to serve clients from the country.

Read this next

Digital Assets

Philippine bars access to Binance, citing unregistered operations

The Philippines’ Securities and Exchange Commission (SEC) is moving to block access to Binance due to regulatory concerns, citing the platform’s operation without proper registration and authorization in the country.

Digital Assets

FTX cleared to sell investments in Grayscale and Bitwise funds

Bankrupt cryptocurrency exchange FTX has received approval from the bankruptcy court to start selling its stakes in digital trusts managed by Grayscale Investments.

Digital Assets

Nexo launches Dual Investment for yield earning and price prediction

“Dual Investment revolutionizes how users engage with BTC and ETH, offering a flexible, intuitive, yet sophisticated platform for predicting asset price movements, all while securing high yields.”


Aquis Stock Exchange goes live with cloud-based matching engine powered by AWS

“By running on AWS, the Aquis Stock Exchange is driving transformation across the capital markets industry while continuing to enhance the scalability, functionality and innovation that will benefit its members and stakeholders in an environment where security and resiliency are our highest priority.”


Options Technology certified as Microsoft Azure partner for Digital & App Innovation

“Securing our fifth Microsoft Solutions Partner status in less than 12 months is a testament to our commitment to innovation, excellence, and the highest industry standards. We are not only keeping pace with the evolving landscape of cloud technology but leading the way in shaping its future.”

Retail FX

N26 reports €213M in net loss, integrates stock and ETF

European digital bank N26 has shared its strategic roadmap for the next few years, underlining both its growth trajectory and financial targets. The announcement included key financial results for 2022 and projections for the coming years.

Digital Assets

Canadian ownership of crypto assets fell by 23%, study finds

Concerns about risks, volatility, lack of government guarantee, and potential fraud or hacking deterred others from buying crypto.

Institutional FX

Fortex adds GBE Prime to liquidity offering

“This collaboration enhances our liquidity distribution capabilities, offering our clients improved pricing, order execution, and risk management. We look forward to the positive impact this integration will have on our clients.”

Retail FX

Fullerton Markets Caps Off Stellar Year with Dual Triumph at Gazet International Awards 2023

Fullerton Markets, one of the fastest-growing brokerages in the Asia Pacific, has today announced its remarkable success at the prestigious Gazet International Awards 2023, where it secured two coveted accolades, reinforcing its position as a global leader in multi-asset brokerage and marketing a triumphant end to the year.