Kraken is pursuing a full banking license in Europe, targeting Lithuania as the jurisdiction, according to a person familiar with the plans. Securing it would make Kraken the only crypto exchange with such a designation, following the regulatory path Revolut took in 2018.
Kraken, the cryptocurrency exchange preparing to go public in the U.S., is pursuing a full banking license in Europe, with a focus on Lithuania as the place to secure it, according to a person familiar with the plans. If the firm obtains the license, it would become the only crypto exchange holding such a designation.
Following the Revolut path
The move would put Kraken on the same regulatory route as fintech major Revolut, which holds a specialized European banking license issued in 2018 and regulated by the Bank of Lithuania. That license let Revolut offer full current accounts, consumer lending, and stock trading across the European Economic Area.
Kraken declined to comment, and a spokesman for the Bank of Lithuania said the licensing process for financial market participants is confidential. Other firms holding a banking or specialized bank license in Lithuania include Mano Bank, PayRay, European Merchant Bank, AB Fjord Bank, and Saldo Bank.
Part of a wider licensing push
The effort to gain full banking status in Europe is part of a broader drive 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, and in May Payward secured a VARA authorization in the UAE.
At Money 2020 Europe, CEO Arjun Sethi mentioned the need for banking licenses. According to CoinDesk, the plan runs for the next 10 years: "the plan for the next 10 years is to get all of these licenses", either by buying existing businesses or building from scratch in each region.
Source: CoinDesk
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