Accessing Kraken’s MiCA framework after EU passporting approval

Kraken leads the EEA liquidity race

Kraken commands $399.71 million in spot liquidity and $206.90 million in perpetual liquidity, the highest figures among licensed platforms in the region. This liquidity position outpaces Coinbase, which holds $305.23 million in spot and $167.39 million in perpetual liquidity. Kraken also supports 1,704 markets. This exceeds the 1,074 markets at Coinbase and the 883 markets at Crypto.com. I find Kraken’s market breadth superior to its peers. The current landscape includes 244 authorized CASPs across the EU, with Germany leading the group with 53 authorized entities. This reflects a small fraction of the 3,000 firms operating globally, as only 210 have secured clearance to serve the 450 million users in the EU. Only 14 firms hold approval to operate trading platforms. Bitstamp and Bybit report lower spot liquidity of $54.62 million and $50.19 million respectively. In Italy, the Bank of Italy and Consob authorized four companies: Hodlie, Young Platform, CryptoSmart, and Hercle. In France, the AMF added Mereau Finance, Iceblock, and Aplo. Kraken holds its MiCA license from the Central Bank of Ireland, granted in June 2025. This license provides passporting rights across all 30 European Economic Area member states. Kraken also maintains VASP registrations in Ireland, Belgium, France, Italy, the Netherlands, Poland, and Spain.

Stablecoin shifts for European traders

You should audit your stablecoin holdings to avoid service disruptions. Kraken restricted USDT access for European users because Tether lacks MiCA authorization. If you trade USDT, I recommend switching to USDC or EURC to maintain uninterrupted service. MiCA regulates stablecoins through two categories: e-money tokens (EMTs) pegged to a single fiat currency and asset-referenced tokens (ARTs) pegged to baskets of assets. The regulation also caps daily stablecoin transactions at one million to mitigate systemic risks. The European Banking Authority proposed fines of up to 12.5% of annual turnover for major stablecoin issuers that breach these regulations. Because Circle aligned its products with MiCA, USDC and EURC remain available through licensed exchanges.

Regulatory stability and user experience

Kraken’s operational history includes the 2024 acquisition of Dutch broker BCM and the $1.5 billion NinjaTrader purchase in March 2025. This history helps satisfy MiCA Article 63, which requires a "proven track record" for authorization. This stability differs from AscendEX, which ceased all operations on July 1, 2026, following MiCA-driven regulatory pressure. Kraken’s choice of the Central Bank of Ireland as its regulatory hub provides a direct contrast to Binance, which withdrew its license application in Greece on June 24, 2026, following slow timelines and a lack of formal decisions. I find Kraken’s liquidity dominance significant, yet I must mention that some users report the service closes accounts and withholds funds without disclosing specific reasons. The European Securities and Markets Authority (ESMA) launched its first Common Supervisory Action targeting licensed providers, focusing on digital operational resilience in custody. This inspection runs from the second half of 2026 through the first half of 2027, with findings feeding a consolidated report for ESMA’s Board of Supervisors. The 18-month transitional period ended on Wednesday, forcing unlicensed platforms to wind down as they lose access to 450 million users. While Coinbase and OKX offered deposit and transfer incentives to attract new users, others had to exit the market. In Malta, FalconX announced a MiCA license, and Venga received authorization from Spain. Will the upcoming ESMA custody review impact Kraken’s ability to maintain its current market lead?