The post Kraken secures MiFID license and a chance to offer compliant derivative products in the Euro area appeared on BitcoinEthereumNews.com.
Kraken, one of the most active centralized exchanges for European traders, has secured a Markets in Financial Instruments Directive (MiFID) license. The new regulated status will expand the derivative products available to Euro-area clients. Kraken has secured a Markets in Financial Instruments Directive (MiFID) license to offer financial solutions in the Euro area. The license was obtained through the acquisition of a MiFID-accredited firm from Cyprus, recently gaining a license from the Cyprus Securities and Exchange Commission (CySEC). Along with the new license, Kraken will remain MiCA compliant by removing Tether (USDT) and other stablecoins with no bank-based reserves. Until recently, Kraken was one of the few carriers of fiat pairings for USDT. Kraken to offer advanced derivative products The new compliant status means Kraken can offer more derivative products to tap the growing demand of European traders. Selected EU markets will gain access to regulated derivative products, suitable for advanced crypto traders. ‘As we continue to expand our services across the globe, our focus on the European market remains a top priority,’ said Shannon Kurtas, Kraken Co-GM of Pro & Exchange. Kraken has always provided services for the EU market, striving to remain compliant by only offering regulated products. For that reason, Kraken’s pairs are one of the fiat off-ramps for crypto traders. Kraken remains an important hub for spot trading but has been building its capacity to offer advanced trading opportunities. The exchange has previously acquired a UK-based FCA-regulated company, Crypto Facilities, which later transformed into one of the first licensed crypto futures platforms in the UK. Kraken already offers over 300 trading pairs in its derivative market, preserving the more complex and riskier products for its Pro version. Kraken’s website takes more than 10% of its traffic from Germany and France, two of the largest Eurozone markets.…