Kraken has reportedly sought a full banking licence in Lithuania, aiming to expand its offering beyond cryptocurrency trading.
According to CoinDesk, cryptocurrency exchange Kraken, which is preparing for an initial public offering in the US, is reportedly pursuing a full banking licence in Europe, with Lithuania identified as the preferred jurisdiction. Kraken has declined to comment on the matter, and the Bank of Lithuania has said that licensing processes for financial market participants remain confidential.
If granted, the company would be following a route already taken by Revolut, which received a specialised European banking licence from the Bank of Lithuania in 2018. That licence allowed Revolut to offer current accounts, consumer lending, and stock trading across the European Economic Area (EEA). Other companies holding banking or specialised banking licences in Lithuania include Revolut Bank, Mano Bank, PayRay, European Merchant Bank (EMBank), AB Fjord Bank, and Saldo Bank.
Part of a broader global licensing strategy
The pursuit of a European banking licence forms part of a wider effort by Payward, Kraken's parent company, to secure additional regulatory approvals across multiple jurisdictions. In March 2026, Kraken Financial became the first digital asset bank to gain access to the US Federal Reserve's payment infrastructure, allowing it to operate on the same settlement rails as traditional financial institutions. In May 2026, Payward secured an authorisation from the UAE's Virtual Assets Regulatory Authority (VARA).
Speaking at Money 20/20 Europe, Kraken CEO Arjun Sethi mentioned that the company intends to pursue banking licences across multiple regions over the next ten years, either by acquiring existing licensed entities or by applying directly for licences in individual markets.
A full banking licence in Lithuania would, subject to regulatory approval, allow Kraken to expand its offering beyond cryptocurrency trading to include services such as deposit-taking and lending. The move also reflects a broader pattern of cryptocurrency firms seeking closer integration with regulated financial infrastructure as the sector matures under evolving frameworks, including the EU's Markets in Crypto-Assets (MiCA) regulation.
