Kraken, a crypto exchange, is reportedly applying for a full banking license in Lithuania as it grows its regulatory presence before a planned U.S. IPO. If successful, Kraken would be the first crypto exchange to get a full European banking license, letting it offer more financial services across the European Economic Area. This step shows Kraken’s goal to become a fully regulated global financial institution, not just a crypto trading platform.
Lithuania is popular with fintech companies because a license there lets firms offer services across the European Economic Area, covering all EU countries plus Iceland, Liechtenstein, and Norway.
Kraken has not confirmed the application, and the Bank of Lithuania has not commented. Still, this reported step fits with Kraken’s recent efforts to expand its regulatory reach in different regions.
CEO Arjun Sethi recently said Kraken aims to get licenses around the world, either by buying regulated businesses or by applying for new licenses in each market.
Kraken has already made progress toward this goal. Earlier this year, Kraken Financial became the first digital asset bank with direct access to the U.S. Federal Reserve’s payment system. This lets the company move funds using the same system as traditional banks.
Kraken has also grown in the Middle East after getting approval from Dubai’s Virtual Assets Regulatory Authority, which strengthens its business outside the U.S.
Kraken is also getting ready for a future public listing. The company filed draft IPO documents with the U.S. SEC but later delayed those plans due to unfavourable market conditions.
To become more efficient before a possible listing, Kraken cut about 150 jobs. The company says it often reviews its structure to make sure it has the right resources for long-term growth.
Getting the banking license would be another big step for Kraken. The company wants to go beyond crypto trading and compete with traditional banks by offering regulated financial services across Europe.
If approved, the Lithuanian license could make Kraken much more competitive, especially as regulatory compliance becomes more important in the global digital asset industry.
👀 @krakenfx is eyeing a banking license in Europe 🇱🇹
Here’s what’s happening:
Recent reports say that Kraken is targeting Lithuania to add a banking layer on top of its existing EU setup.
Kraken already has:
• MiCA authorization via the Central Bank of Ireland
• A MiFID… pic.twitter.com/o3dCv3xXxu— Marcel van Oost (@oost_marcel) July 8, 2026
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