According to the source, Kraken is advancing the application for a full bank licence in Europe, with a focus on Lithuania. If the application is successful, the encryption trading platform will be further aligned to traditional financial services and may also expand its operations in the EEA.

Kraken did not comment on the plan. The spokesperson for the Central Bank of Lithuania stated that the licensing process for financial market participants was confidential.

Place of priority application for Lithuania

According to information sources, Kraken is using Lithuania as the main application area for European bank licences. In Lithuania, bank or professional bank licences have been issued to various financial technology companies in recent years, and Revolut received European professional bank licences from local regulators in 2018.

This license path allows Revolut to provide services such as current accounts, consumer loans and stock exchanges in the EEA. If Kraken acquires similar qualifications, its operational boundaries will be significantly expanded and no longer be limited to encrypted asset transactions.

Global licensing continues.

Kraken is part of the parent company Payward's global licensing strategy. Mr. Arjun Sethi, CEO of Kraken, had previously stated at an industry meeting that the company ' s plan for the next 10 years was to obtain local licences on a continuous basis, either through the acquisition of existing institutions or through local start-up applications from zero.

According to him, bank licences are a key component of this long-term layout, with the goal of building a more complete compliance capacity in different regions.

A number of recent developments

  • In March 2026, Kraken Financial was connected to the Fed's payment infrastructure.
  • In May 2026, Payward was authorized by the UAE VRA
  • On the European side, Lithuania is being prioritized for application

If the European bank licence is finally on the ground, Kraken’s distribution of payments, accounts and broader financial services will move further, and it shows that encryption platforms are continuing to be close to traditional financial licensing systems.