Kraken, a US-bound cryptocurrency exchange, is actively pursuing a full banking license in Europe, with a specific focus on securing the designation within the Lithuanian jurisdiction, according to a source familiar with the matter, CoinDesk said in a news report.
If successful, Kraken would become the only cryptocurrency exchange to hold such a status in the region. The move mirrors the regulatory strategy of fintech heavyweight Revolut, which obtained a specialized European banking license from the Bank of Lithuania in 2018, enabling it to offer consumer lending, full current accounts, and stock trading across the European Economic Area.
When approached for confirmation, Kraken declined to comment on its strategic plans. Similarly, a spokesperson for the Bank of Lithuania stated that the licensing process for all financial market participants remains strictly confidential. If approved, Kraken would join a distinct list of fintech firms already holding banking or specialized banking licenses in Lithuania, which includes Mano Bank, PayRay, European Merchant Bank, AB Fjord Bank, and Saldo Bank.
This European banking push is a core component of a broader global expansion strategy by Kraken’s parent company, Payward, to secure critical regulatory approvals. The company has achieved significant milestones recently, including a historic breakthrough in March 2026 when Kraken Financial became the first digital asset bank to secure access to the U.S. Federal Reserve’s payment infrastructure. Additionally, Payward expanded its Middle Eastern footprint in May by securing a Virtual Assets Regulatory Authority authorization in the United Arab Emirates.
Speaking on the company’s long-term vision at the recent Money 2020 Europe conference, Kraken CEO Arjun Sethi emphasized the necessity of traditional banking frameworks for the firm’s future growth. Sethi outlined an aggressive decade-long roadmap, stating that the company plans to secure these essential licenses globally, either through the acquisition of existing financial institutions or by building de novo banking operations from scratch in each targeted region.
