Crypto exchange Kraken is trying to become a bank in Europe

Finance Crypto exchange Kraken is trying to become a bank in Europe Kraken's focus is on Lithuania as the jurisdiction to secure the license, according to a person familiar with the plans. By Ian Allison | Edited by Aoyon Ashraf Jul 7, 2026, 6:38 p.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Payward and Kraken co-CEO Arjun Sethi (CoinDesk) Summary Show Kraken would be following the same path as Revolut, which holds a specialized European banking license issued by the Bank of Lithuania in 2018. Kraken’s plan is to acquire licenses over the next 10 years, either through acquisitions or by starting from scratch in each region, said CEO Arjun Sethi at a recent conference. Kraken, the cryptocurrency exchange planning to go public in the U.S., is pursuing a full banking license in Europe, with a focus on Lithuania as the jurisdiction to secure it, according to a person familiar with the plans. If the firm gets the license, Kraken would be the only crypto exchange to have such a designation. It will also tread 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 allowed Revolut to offer full current accounts, consumer lending, and stock trading across the European Economic Area (EEA). Other fintech firms holding 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 spokesman for the Bank of Lithuania said the licensing process of financial market participants is confidential. The move to gain full banking status in Europe is part of a broader effort by Payward, Kraken’s parent company, to obtain additional licenses globally. In March 2026, Kraken Financial became the first digital asset bank to gain access to the Federal Reserve’s payment infrastructure , making it the first crypto firm to operate on the same rails as traditional financial institutions. In May, Payward announced it secured a VARA authorization in the UAE. In a recent talk at Money 2020 Europe, Kraken CEO Arjun Sethi mentioned the need for banking licenses, saying “the plan for the next 10 years is to get all of these licenses, either through buying an existing business, or going de novo in each region and starting from scratch.” Kraken Exclusive Breaking News Latest Crypto News 1 SpaceX IPO powers record $3.86 billion in tokenized equities trading in June 2 hours ago 2 U.S. SEC to propose crypto rule as soon as this month to ease startups, fundraising 2 hours ago 3 Analysts see more upside for SpaceX as post-IPO research begins 4 hours ago 4 Vanguard opens search for digital assets leader in sign of evolving crypto strategy 4 hours ago 5 AI trade loses steam as infrastructure boom faces reality check 4 hours ago 6 EDX Markets raises $76 million in funding round led by SBI Holdings 4 hours ago 7 Former Tether investment chief is looking to sell part of his stake in the stablecoin giant: Bloomberg 4 hours ago 8 Bitcoin, XRP draw Japanese firms as weak yen drives treasury diversification 5 hours ago 9 Coinbase secures UK authorization to offer traditional investments alongside crypto 7 hours ago 10 Bitcoin's July gains may be fleeting as U.S. demand stays weak 7 hours ago Latest Research SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. By CoinDesk Research 5 hours ago Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. Why it matters : Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. View Full Report More From Finance EDX Markets raises $76 million in funding round led by SBI Holdings Former Tether investment chief is looking to sell part of his stake in the stablecoin giant: Bloomberg Coinbase secures UK authorization to offer traditional investments alongside crypto