Kraken's European Banking Leap
Kraken Eyes Full European Banking License in Lithuania, Broadening Services Beyond Crypto
Anonymous
Key Points
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Kraken’s European licensing push in Lithuania appears modeled on the Revolut path, where the Bank of Lithuania granted a specialized license enabling full current accounts, consumer lending, and stock trading across the EEA, signaling Kraken’s ambition for a full European banking license that would broaden services beyond crypto alone.
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Kraken reportedly filed confidentially for a U.S. initial public offering last November, raising about $800 million and valuing the company at around $20 billion, with plans paused in March as market conditions shifted.
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Kraken Financial already secured a limited-purpose Federal Reserve master account in March 2026, providing direct access to U.S. payment rails ahead of broader European licensing efforts and the company’s work to build a multi-jurisdictional banking footprint.
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Kraken has launched a VIP program for ultra-high-net-worth individuals, featuring dedicated relationship management, migration support to minimize downtime when switching platforms, one-on-one sessions with its Chief Economist, early access to new products, and invitations to exclusive events.
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Lithuania is highlighted as a fintech licensing hub with multiple crypto/fintech licensees (including Revolut, Mano Bank, PayRay, EMBank, AB Fjord Bank, and Saldo Bank), illustrating the regulatory ecosystem Kraken aims to navigate in Europe.
Kraken is seeking a full banking license in Europe, with Lithuania as its chosen jurisdiction, according to Daily Coin and Unchained Crypto. If approved, Kraken would become the first major crypto exchange to hold a full EU banking license — a move that would let it offer deposits, loans, and payments across the entire European Economic Area.
Neither Kraken nor the Bank of Lithuania has confirmed the reports. Licensing processes in Lithuania are confidential, and no timeline has been set. Still, the move signals a sharp push by Kraken to compete directly with traditional banks — not just other crypto exchanges.
Why Lithuania Is Kraken's Gateway Into Europe
Lithuania has become one of Europe's top fintech licensing hubs. The Bank of Lithuania has already licensed Revolut, Mano Bank, PayRay, EMBank, AB Fjord Bank, and Saldo Bank, according to Parameter. A license there gives full access to all 30 EEA countries under a single approval — a major advantage over getting licensed country by country.
Kraken appears to be following Revolut's playbook. Revolut used a Lithuanian banking license to offer current accounts, consumer lending, and stock trading across Europe. Unchained Crypto reports Kraken wants a similar setup — expanding well beyond crypto custody into mainstream financial services.
Kraken Builds a Three-Region Banking Footprint
The Lithuania push is one piece of a larger global strategy. In March 2026, Kraken Financial secured a limited-purpose Federal Reserve master account, according to Krypto News. That gives Kraken direct access to U.S. payment rails — the plumbing that moves money between banks — without needing a middleman. Kraken also holds a Dubai VARA approval for operations in the UAE.
Together, the three regions — the U.S., Europe, and the UAE — form a regulated banking network spanning major global markets. Kraken's leadership has described this as a decade-long effort to get licensed in every major market, aiming to operate like a bank, not just a crypto exchange.
IPO Plans and a $20 Billion Valuation Loom in the Background
Kraken also filed confidentially for a U.S. initial public offering last November, raising about $800 million and valuing the company at around $20 billion, according to Krypto News. Those plans were paused in March as market conditions shifted. A European banking license would likely strengthen Kraken's case to investors ahead of any future IPO attempt.
The banking push also comes as Kraken works harder to attract wealthy clients. The exchange recently launched a VIP program for ultra-high-net-worth individuals. Perks include a dedicated relationship manager, one-on-one sessions with Kraken's Chief Economist, early access to new products, and invitations to exclusive events, according to Parameter.
What a Full EU License Would Actually Change
Right now, Kraken's European operations focus mostly on crypto trading and custody. A full banking license would let it take deposits, make loans, and run payment accounts — the same services offered by a traditional retail bank. That is a major expansion of what a crypto exchange is legally allowed to do in Europe.
Daily Coin notes that Kraken would be the first major crypto exchange to reach this level of EU regulation. That first-mover status matters. It could set a template for other crypto platforms — Coinbase, Binance, and others — that are watching to see if regulators approve the model before making their own moves.
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