US crypto exchange Kraken secures EMI licence in UK
US-based crypto exchange Kraken has been granted an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).
Kraken has been granted a UK EMI licence
The authorisation enables the issuance of electronic money for Kraken, which describes the licence as a “launchpad for future growth”, while also “facilitating faster deposits and withdrawals for our clients”.
With the EMI licence in hand, the company now plans to roll out several new crypto and fiat products designed to “empower UK users to build wealth through crypto and unlock accessible ways for them to use all the assets in their Kraken account as a source of liquidity”.
Founded in 2011, Kraken’s exchange currently allows over 13 million users to trade more than 350 digital assets and six national currencies, including GBP, EUR, USD, CAD, CHF and AUD.
The company, headquartered in San Francisco, has previously shown significant interest in the UK market, as noted through its acquisition of Crypto Facilities, an FCA-regulated crypto futures platform, in 2019.
It more recently snapped up an EU Markets in Financial Instruments Directive (MiFID) licence by purchasing an unnamed Cypriot investment firm, with the deal approved by the Cyprus Securities and Exchange Commission (CySEC) last month.
