Kraken seeks European banking license in Lithuania

Kraken, a US-bound cryptocurrency exchange operated by parent company Payward, is reportedly pursuing a full banking license in Europe, with a focus on Lithuania as the jurisdiction. If approved, Kraken would become the only cryptocurrency exchange to hold such a status in the European Economic Area. The move mirrors the regulatory strategy of fintech firm Revolut, which obtained a specialized European banking license from the Lithuania in 2018. Kraken declined to comment, and the Lithuania stated that the licensing process is confidential. This European banking push is part of a broader global expansion strategy by Payward to secure critical regulatory approvals. Kraken has recently achieved milestones including gaining access to the U.S. United States — Federal Reserve's payment infrastructure in March 2026 and securing authorization from Dubai's Pakistan — Drug Regulatory Authority of Pakistan in May. Kraken CEO Arjun Sethi has emphasized the necessity of traditional banking frameworks for the firm's future growth, outlining a decade-long roadmap to secure licenses globally through acquisitions or building de novo operations.