Kraken's acquisition of BCM - Frequently asked questions

As announced in October 2023, Kraken acquired Coin Meester B.V. (BCM), enabling us to strengthen our presence in the Netherlands, France, and Poland. This acquisition reinforces our commitment to the European market, and allows us to expand our business as a regulated Virtual Asset Service Provider (VASP) in the Netherlands, France and Poland, in addition to our existing licenses and registrations.

Who is BCM and why did we acquire them?

Founded in 2017, BCM is one of the Netherlands’ oldest and most respected registered crypto brokers. The company provides services to buy, sell and stake cryptocurrencies, including access to over 170 cryptocurrencies and strong local funding rails.

Kraken acquired BCM to deepen our commitment to expanding our business in compliance with European regulations. With this acquisition, we increase our regulatory footprint in France and Poland, adding to our February VASP registration approval in the Netherlands and to our existing VASP registrations in Italy, Spain and Ireland, from which we also serve the Belgian market.

Which entities will be providing services?

BCM is registered as a Virtual Asset Service Provider in the Netherlands, France and Poland.
Kraken will continue offering services to its existing Dutch resident clients from PCSL, another entity registered as a Virtual Assets Service Provider in the Netherlands.
Kraken offers services into Belgium from its registered Virtual Asset Service Provider in Ireland.

What does this mean for existing Kraken clients that reside in the Netherlands, France, or Poland?

Netherlands: Presently, there are no changes for you as a result of the BCM acquisition. You can continue to use the Kraken services you are used to.

France or Poland: If you have a personal Kraken account you will be asked for additional Know Your Customer (KYC) information, so we can ensure your information is up to date and provide an uninterrupted experience on Kraken.

Kraken clients in France and Poland: What do I need to do?

Using the link below, simply sign in to your Kraken account as soon as possible and complete the quick questionnaire.

Complete Questionnaire

If you do not complete this by November 1st, 2024, your open positions will be closed and trading will be restricted until you complete the re-verification process. Completion of the questionnaire will be required to maintain your account.

Required documentation:

If you have an account balance over 100,000 EUR, you will be required to submit a Proof of Source of Funds (PoSoF) document. A PoSoF document explains where the funds used for a bank deposit originated and where the crypto assets used for a cash withdrawal originated.

Acceptable PoSoF for clients with a personal account:

Most recent financial statement (audited or unaudited).
Tax statement / Tax return (last two years).
Three months worth of paystubs, checks or slips from employer.
Bank, Digital exchange, Retirement, Investment account statements.
Signed message from a crypto wallet.
Financial agreements and/or Intra group agreements.
Loan agreement.
Real estate agreement.
Shareholder capital contribution agreements.

What does this mean for BCM clients that reside in the Netherlands, Belgium or other countries?

Netherlands or Belgium: You will have the option to migrate your existing BCM account to Kraken. If you consent, your information and assets will be transferred to Kraken in this migration.
If you are an existing client of both Kraken and BCM, you can choose to merge your BCM and Kraken account. You will be prompted to sign into your existing Kraken account via the BCM platform.

Please note: some of the assets that are listed on BCM are not supported by Kraken. You can view a list of Kraken's supported assets here.

Other countries: If you don’t reside in the Netherlands or Belgium, for the time being, you can continue to use the BCM product as usual. This may change in the future, and you will be contacted ahead of time if any updates are required from you. If you want to withdraw your assets to a Kraken account, see this guide on how to deposit your assets to Kraken.