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?

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BCM is registered as a Virtual Asset Service Provider in the Netherlands, France and Poland.
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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.
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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 to update your account information.

Update account information

If you have a Global Settings Lock (GSL) enabled, please deactivate it to continue with the re-verification process.

Please complete this at your earliest convenience to avoid account restrictions.

Required documentation:

If you have an account balance over 100,000 EUR (France), or 50,000 EUR (Poland), 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:

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

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

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Netherlands or Belgium: Your assets will be transferred to Kraken as part of the acquisition, and you will be able to access Kraken using the same credentials as your BCM account.
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. However, you may be asked to submit a Valid government issued ID document and additional documentation, so we can ensure your information is up to date and provide an uninterrupted experience on Kraken.
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After January 7th, 2025, your funds will be migrated and reflected on your spot balance within a few days.

Please note: some of the assets that are listed on BCM are not supported by Kraken. See full list here. Unsupported assets of migrated clients that were not withdrawn before January 7th will be sold at the average market price and the amount will be credited to your Kraken spot balance.

Other countries: If you don’t reside in the Netherlands or Belgium, your BCM account will be closed. Any assets that remain in your BCM account will be sold for fiat. If this applies to you, you can reach out to Kraken support after January 7th, 2025, to claim your funds.

What happens to my closed BCM account ?

As of January 7th, 2025, for clients in the Netherlands and Belgium your BCM account will be closed and migrated to Kraken. Any unsupported asset will be sold for fiat and the amount will be credited to your Kraken spot balance.

If you did not complete the migration process you can still access Kraken using the same credentials as your BCM account. Sign in here to check out your Kraken account.

Unsupported assets

As part of BCM's ongoing acquisition by Kraken, some assets that were available on BCM will not be supported on Kraken. Unsupported assets of migrated clients that were not withdrawn before January 7th, will be sold at the average market price and the amount will be credited to your Kraken spot balance.

What should I do if I have a duplicate account?

A duplicate account can occur if you previously had a BCM account and also had a Kraken account registered with the same email address, but the two accounts were never linked. This situation results in you having two separate Kraken accounts.

To resolve this please contact the Kraken Support to make this transfer request.