Kraken
- Kraken CEO Jesse Powell told Germany's Handelsblatt that the crypto exchange is working on obtaining a license in the EU.
- He said talks with regulators were 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 Insider's business page.
US cryptocurrency exchange Kraken is working toward gaining 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, wants to expand into the continent in 2021, according to a translated interview of Powell published Tuesday.
The company is seeking a license in a European Union country and discussions with various regulators were ongoing, he said. Malta, Luxembourg and Ireland are among Kraken's target markets. Kraken is one of the largest crypto exchanges, with transaction volume of $1.71 billion over the past 24 hours, according to CoinMarketCap.com.
Kraken's London-based Crypto Facilities Ltd., a cryptocurrency derivatives trading platform, is authorized and regulated by the UK's Financial Conduct Authority. Handelsblatt noted that the UK has left the EU and a EU-wide license is no longer available.
Kraken's rival Coinbase in June won a license for crypto custody and trading from German financial services regulator BaFin. Powell told Handelsblatt that Kraken had discussions with BaFin but that local regulation is too difficult and restrictive and ultimately too expensive for the company.
Kraken may also be on the path of 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.