Kraken is working to secure a full banking license in Europe, with Lithuania as the prime candidate, according to CoinDesk, citing a source familiar with the plans. The license would make the crypto exchange the only one of its kind in the EU/EEA.
Kraken, the cryptocurrency exchange planning an IPO in the US, is attempting to secure a full banking license in Europe. This is reported by CoinDesk, citing a source with knowledge of the plans. According to the source, Lithuania is the top candidate. If the exchange secures the license, it will become the only crypto exchange to hold such status in the EU/EEA.
For several years, Lithuania has served as a gateway to the European financial market for fintech companies outside the EU/EEA. The country's central bank, the Bank of Lithuania, issued a specialized banking license to Revolut in 2018—a license that granted the company the right to offer full current accounts, consumer lending, and stock trading across the entire European Economic Area (EEA). Kraken now appears to be pursuing the same regulatory route.
Kraken has declined to comment on the plans, and a spokesperson for the Bank of Lithuania told CoinDesk that licensing processes for financial market participants are confidential.
Several fintech companies already hold banking or specialized licenses in Lithuania, including Mano Bank, PayRay, European Merchant Bank (EMBank), AB Fjord Bank, and Saldo Bank. Consequently, the country has established itself as one of the preferred jurisdictions for companies seeking rapid access to the entire EU/EEA market through a single license.
According to CoinDesk, the push in Lithuania is part of a broader strategy by parent company Payward to acquire more licenses globally. In March 2026, Kraken Financial became the first digital asset bank to gain access to the US Federal Reserve's payment infrastructure, making it the first crypto player to operate on the same rails as traditional financial institutions. In May, Payward secured VARA approval in the United Arab Emirates.
At a recent conference organized by Money 20/20 Europe, Kraken CEO Arjun Sethi stated, according to CoinDesk, that the plan for the next ten years is to acquire all these licenses—either through the acquisition of existing businesses or by building from scratch in each individual region.
Sources: CoinDeskGet unlimited access to news articles and a Nordic community via Kaupr Member (free membership)
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