Kraken News: Kraken Secures UK EMI License, Paving the Way for Expansion in European Market
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In a significant move towards expanding its presence in the European market, Kraken, a prominent cryptocurrency exchange, has secured an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) of the United Kingdom. This latest achievement underscores the exchange’s commitment to providing fully regulated services and catering to the growing demand for cryptocurrencies in the UK.
Kraken Secures UK EMI License
Kraken has been authorized as an Electronic Money Institution (EMI) with a UK license by the Financial Conduct Authority (FCA). This addition to its licenses allows the exchange, which focuses on the European market, to continue offering fully regulated services. Kraken’s UK General Manager Bivu Das stated that the UK is on the brink of mass crypto adoption and that securing an EMI license is a foundational step in their expansion strategy. Kraken claims that over 7 million Britons are crypto investors, representing about 12% of the adult population. The UK is considered one of the most active markets for several trading activities.
Crypto Market in Chaos: $1 Billion in Liquidations
The crypto market has seen a dramatic sell-off, with close to $1 billion in liquidations in just 24 hours. This sudden downturn has affected hundreds of thousands of traders, with long positions suffering the biggest losses. Bitcoin (BTC) and Ethereum (ETH) have taken the hardest hits, falling to their lowest levels in months, as investors panic amid worsening market conditions. A significant factor behind the sharp drop is the movement of large amounts of cryptocurrency by major players. A major exchange, still settling debts with creditors, transferred tens of thousands of Bitcoin, triggering fears of a broader sell-off. Additionally, an inactive player for months deposited a massive amount of ETH into Kraken, further adding to the market turmoil.