Kraken’s Irish license and Dutch regulatory pressure

Kraken secured its MiCA license from the Central Bank of Ireland in June 2025, which allowed the exchange to expand its regulated services across all 30 EEA member states by August 2025. The firm holds VASP registrations in Ireland, Belgium, France, Italy, the Netherlands, Poland, and Spain. Because the Dutch regulator AFM signaled enforcement regarding unauthorized stablecoins, Kraken delisted USDT for its EEA retail clients. This regulatory pressure follows the July 1, 2026, deadline when unauthorized platforms had to wind down activities. Kraken also holds EMI and MiFID licenses which the company secured in early 2025. The company uses Payward Europe Solutions Limited as its authorized Crypto Asset Service Provider in Europe. Kraken reported $2.2 billion in revenue in 2025 and $531 million in EBITDA. Kraken has maintained a clean security record for 14 years. Kraken’s SEPA deposits land in minutes, whereas Coinbase’s standard SEPA deposits typically take up to one business day.

Bitstamp and Coinbase Regulatory Status

Bitstamp maintains its MiCA CASP authorization through its Luxembourg entity. Robinhood acquired this exchange in 2024 for approximately $200 million to gain immediate regulatory pathways into the EU. This acquisition provides access to over 85 tradable assets. Robinhood also acquired WonderFi in May 2025 for $179 million to capture the Canadian market through Bitbuy and Coinsquare. Coinbase also holds a MiCA license from Luxembourg’s CSSF. In March 2026, Coinbase launched MiFID-regulated crypto futures across 26 European countries. You likely know that such regulatory shifts force exchanges to prioritize compliance over feature breadth, as seen when Kraken delisted USDT to satisfy Dutch AFM requirements.

Kraken Pro uses maker fees of 0.16% and taker fees of 0.26%. Coinbase Advanced Trade uses maker fees of 0.40% and taker fees of 0.60%. On a $10,000 purchase, a trader pays $16 on Kraken using limit orders versus $40 on Coinbase. Robinhood reported that its crypto revenue in Q1 2024 grew 232% year-over-year to $126 million, while its crypto assets under custody more than doubled to $26 billion. Kraken lists over 530 cryptocurrencies and 1,270 trading pairs, whereas Coinbase supports more than 270.

The Reality of MiCA Enforcement

The MiCA transition period closed on July 1, 2026, leaving roughly 244 valid CASP licenses on record against nearly 3,000 previously registered firms. Gemini wound down its UK and EEA retail operations in April 2026 as part of its restructuring. Binance withdrew its Greek application on June 24 and suspended new sign-ups and some services in France, Italy, Poland, and Spain after the deadline. Will the high cost of entry eventually force all major exchanges to consolidate into a few heavily capitalized entities? Licensing under MiCA costs between €500,000 and €2 million, while annual compliance adds over €250,000. These expenses push some projects toward Canada. The regulatory framework for stablecoins requires firms to stop offering unauthorized tokens by January 8, 2027, a move that prevents unauthorized issuers from maintaining market share. ESMA rules state that warnings or disclosures to customers do not satisfy the requirements. Tether has not pursued MiCA authorization and has no announced plans to do so. Circle holds a French license for its USDC token. In France, the AMF warns that continuing to serve EU customers post-deadline can result in criminal prosecution including two years in prison and a €30,000 fine for individuals.