On Tuesday, September 24, Kraken, a popular cryptocurrency platform, announced the acquisition of BCM, a crypto platform based in the Netherlands. Since Tuesday, the cryptocurrency news media complex has been avidly reporting on Kraken’s recent expansionist move.
The news of BMCC’s acquisition has been the subject of several reports and social media posts. However, despite all the media attention, the reaction of the cryptocurrency market has yet to prove significant. In fact, in the last 72 hours, no drastic fluctuations have been recorded.
Even so, Kraken managed to register a competitive spot trading volume of $618,589,541.72. This assessment underlines the upward and relatively stable trajectory of the exchange, highlighting investors’ consistent optimism for Kraken’s future in Europe and globally.
According to Brian Gahan, Kraken’s Managing Director for Europe, the company’s commitment to growth in the European Union is clear:
“The completion of the BCM acquisition is an important milestone in our European expansion.” It allows Kraken to leverage its strong presence and leadership in euro volume and liquidity.” Gahan believes that this acquisition will allow Kraken to significantly increase its market share in the coming years.
Kraken’s European Expansion
Over the last two years, Kraken has dedicated itself to expanding its European client base. Similarly, the company has forged partnerships that allow it to offer services in markets such as Spain, Belgium, Poland, Germany and France.
In addition, with the acquisition of BCM, Kraken is now registered as a Virtual Asset Service Provider in Poland and France. This registration strengthens the platform’s legal position and growth in Europe.
Furthermore, many exchanges, such as Bitstamp, Uphold and OKX, have faced obstacles when trying to comply with MICA’s regulatory requirements. For example, Bitstamp removed EURT, Uphold removed DAI and five other stablecoins, and OKX removed Tether (USDT) from its offering lists. Indeed, in all cases, MICA’s regulatory requirements were cited as the reason.
Kraken: Is It Really Unshakeable?
Inevitably, Kraken maintains its unwavering commitment to growth in the European market. To wit, the company has found ways to comply and continue to operate legally in the region. It therefore signals its intention to remain a benchmark in the European crypto market.
However, an important question remains: will Kraken’s commitment to the European market withstand the regulatory challenges of MICA in the long term?
Conclusion
Although Kraken’s position now seems stable, it is unclear whether other platforms will follow the same strategy. In principle, OKX, Uphold, and Bitstamp have adopted a more cautious approach, and this prudence could become a trend if the regulatory obstacles continue.
In short, it remains to be seen how MICA will shape the future of cryptocurrencies in Europe. Kraken’s steady growth suggests that the market favors service providers willing to adapt to emerging regulations.
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