Before a projected U.S. IPO, the cryptocurrency exchange Kraken is allegedly looking for a full banking license in Lithuania as it expands its regulatory footprint. If Kraken is successful, it will be the first cryptocurrency exchange to obtain a full European banking license, enabling it to provide further financial services within the European Economic Area. This move demonstrates Kraken’s ambition to grow from a cryptocurrency trading platform to a fully regulated international financial institution.
Fintech companies love Lithuania since a license there allows businesses to provide services throughout the European Economic Area, which includes all EU nations as well as Iceland, Liechtenstein, and Norway.
The Bank of Lithuania has not responded, and Kraken has not verified the application.
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. Due to unfavorable market circumstances, the business postponed its intentions after filing draft IPO filings with the U.S. SEC.
Kraken eliminated around 150 jobs in order to increase efficiency prior to a potential listing. According to the corporation, it regularly examines its organizational structure to ensure that it has the resources necessary for sustained expansion.
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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