Kraken applies for full EU banking license in Lithuania

Kraken, a major U.S.-based cryptocurrency exchange, has reportedly applied for a full banking license from the Bank of Lithuania, according to a person familiar with the matter. If approved, Kraken would become the first major crypto exchange to hold full banking status in the European Union, granting it the ability to offer regulated banking services across the entire European Economic Area. Neither the company nor the regulator has publicly confirmed the application as of Wednesday, July 8, 2026.

A full banking license would represent a significant expansion for Kraken, moving it beyond its core business of cryptocurrency trading and custody. It would potentially allow the exchange to accept customer deposits, provide lending services, and offer other banking products permitted under EU regulations. This strategic move follows a regulatory pathway previously established by fintech company Revolut, which secured a specialized banking license from the Bank of Lithuania in 2018 and used it to scale its services across Europe.

Lithuania has positioned itself as a fintech-friendly jurisdiction within the EU, offering companies a fast route to bloc-wide market access. This is...