Kraken, one of the oldest cryptocurrency exchanges still in operation, has launched a dual strategic offensive that strengthens its position as an institutional player in the sector. On one front, the American platform is seeking to obtain a banking license in Europe, confirming the ambition of crypto exchanges to fully integrate into the traditional financial system. On the other front, Kraken has secured a significant legal victory: a $22 million arbitration award against the audit firm Mazars, a case stemming from disputed audits of its reserves.
The Dream of a European Banking License
Kraken has officially initiated steps to obtain a banking license in the European Union, a move that fits within a broader trend in which major crypto platforms seek to operate under the regulatory framework of traditional banks. If successful, this effort would allow Kraken to offer full banking services — deposits, credit, interest-bearing accounts — directly from its existing infrastructure, without going through financial intermediaries.
The stakes are considerable. Currently, crypto exchanges like Kraken operate under payment service licenses or digital asset provider licenses, depending on the jurisdiction. A banking license would open doors that are otherwise inaccessible: access to traditional payment systems (SEPA, TARGET2), the ability to hold regulated and guaranteed client deposits, and the capacity to lend on interbank markets. For Kraken, which is looking to differentiate itself in an increasingly competitive market, this is a trump card.
The trend has been building for several months. In the United States, several crypto players have taken the reverse path: traditional banks have begun offering crypto services, while exchanges like Coinbase have obtained banking licenses in certain European jurisdictions. In the United Kingdom, Coinbase has evolved its regulatory status to move closer to the banking model. In Australia, Swyftx has also followed a similar trajectory, securing extended licenses for its activities.
Kraken, which already has a significant presence in Europe with its headquarters based in Dublin and its VASP (Virtual Asset Service Provider) license in several countries, wants to go a step further. Obtaining a European banking license, governed by the European Central Bank and national regulatory authorities, would send a strong signal of maturity for the entire crypto sector.
$22 Million Arbitration: Kraken Wins Legal Battle Against Mazars
Alongside this regulatory offensive, Kraken has scored a decisive point in a conflict with the international audit firm Mazars. The platform prevailed in an arbitration proceeding involving $22 million. The case dates back to the period following the collapse of FTX in November 2022, when nearly all crypto exchanges commissioned audits of their reserves to prove their solvency to a panicked client base.
Kraken had hired Mazars to conduct an audit of its reserves — a practice known as “Proof of Reserves.” But the findings of this audit proved controversial. Kraken challenged the quality and scope of the work delivered by Mazars, arguing that the report did not reflect the reality of its balance sheets. The commercial dispute escalated into legal proceedings, and Kraken sought damages.
The arbitration, which has now concluded, ruled in Kraken’s favor. The arbitration award, amounting to $22 million, represents one of the most significant decisions of its kind in the crypto industry. For Kraken, it is a double victory: not only does the platform recover a substantial sum, but it also obtains judicial validation of its position on the merits of the case.
This case has had repercussions far beyond the conflict between Kraken and Mazars alone. After the FTX scandal, most exchanges rushed to commission reserve audits, often from the same firms. The controversy surrounding the Mazars report cast broader doubt on the reliability of crypto audits at the time, leading many platforms to overhaul their verification processes.
A Context of Global Regulatory Consolidation
Kraken’s two-pronged offensive comes amid a period of rapid maturation of the cryptocurrency regulatory framework. In Europe, the MiCA regulation (Markets in Crypto-Assets) has been progressively taking effect since 2025, creating a harmonized framework for crypto asset service providers. This new regime imposes strict requirements regarding capital, governance, asset custody, and transparency. For exchanges like Kraken, complying with MiCA is a necessity — but obtaining a banking license would go far beyond mere regulatory compliance.
Kraken’s move is part of a broader strategy of institutional legitimization. As the cryptocurrency market has experienced violent cycles of expansion and contraction — with bitcoin fluctuating around $62,000 in early July 2026 after falling to $59,500 in early June — the strongest exchanges are seeking to position themselves as durable financial infrastructure rather than speculative platforms. A European banking license would be the key for Kraken to present itself as a credible alternative to traditional banks for digital financial services.
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