Cryptocurrency exchange Kraken has obtained an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA). This approval enables Kraken to issue electronic money and offer faster deposit and withdrawal options for clients in the UK The move is part of the company’s ongoing growth strategy and aims to enhance its services in the U.K. market.
The news follows an announcement that the US Securities and Exchange Commission (SEC) had agreed to dismiss a lawsuit accusing Kraken of operating as an unregistered securities exchange. The dismissal marks a shift in U.S. cryptocurrency regulation, which Kraken is using to reintroduce on-chain staking services for American customers.
The EMI license strengthens Kraken’s position in the UK, where it has seen substantial growth. The exchange offers over 300 cryptocurrencies for trading and remains a leader in GBP-denominated volumes. Kraken’s commitment to compliance and security is reinforced by its ability to meet FCA standards while continuing to innovate in the UK crypto sector.
“We have major plans for UK users that will unlock a wave of demand for crypto-powered financial solutions that showcase real utility for UK investors and consumers. Securing an EMI license is a foundational step in our expansion strategy, and we’re thrilled to announce this authorization today,” said UK General Manager Bivu Das.
Increase in UK Trading Volume and Partnerships
The UK has seen an increase in crypto adoption, with more than seven million adults owning crypto, according to FCA data. This growing interest has contributed to Kraken’s success in the UK, where it is one of the most active markets by trading volume. Kraken has also secured major partnerships with UK sports teams, including Williams Racing F1 and Tottenham Hotspur FC.
