Kraken Receives EMI License to Operate in the UK

American crypto exchange Kraken has officially received a license to operate as an Electronic Money Institution (EMI) in the United Kingdom. Issued by the UK’s Financial Conduct Authority (FCA), this license allows the crypto platform to offer payment services like e-money and mobile payments.

Kraken’s latest endorsement from the UK government comes only a month after the exchange secured an operational license from the European Union.

Kraken Expands Business

Operating as an EMI in the UK allows Kraken to offer electronic money, enable fast deposits and withdrawals for users, and pave the way for collaborations with traditional financial companies.

Highlighting how UK residents will benefit from the latest license, Kraken’s UK General Manager, Bivu Das, said:

“We have major plans for U.K. users that will unlock a wave of demand for crypto-powered financial solutions that showcase real utility for U.K. investors and consumers. Securing an EMI license is a foundational step in our expansion strategy, and we’re thrilled to announce this authorization today.”

The exchange also believes it will attract more UK users into the crypto industry. Current FCA research reveals that around 12% of UK adults, representing over seven million, invest in cryptocurrencies.

Since 2014, Kraken has onboarded UK clients into the crypto market, primarily through its BTC/GBP trading pair. Over the years, it acquired various firms to grow its geographical reach. For example, it bought Crypto Facilities in 2019 to bring crypto derivatives into the UK financial market. It now offers over 300 crypto assets, some of which feature GBP-focused trading pairs.

Notably, Kraken’s EMI license cements its crypto activities in Europe. The San Francisco-based crypto exchange received a Markets in Financial Instruments Directive (MiFID) license in early February. The endorsement allows Kraken to offer derivatives trading across EU markets.

More Crypto Exchanges Enter the UK

Like Kraken, other crypto exchanges have joined the UK financial market thanks to the FCA’s crypto-friendly regulations.

Last month, Coinbase and Crypto.com received operational licenses to offer crypto services to UK and European users, respectively.