Kraken is trying to move from crypto exchange status towards European banking permissions, with Lithuania identified as the focus jurisdiction for a full banking licence, according to a person familiar with the plans.

The Kraken European banking licence plan sits inside a wider 10-year licence push described by CEO Arjun Sethi.

Kraken declined to comment on the plans, and a Bank of Lithuania spokesman said the licensing process for financial market participants is confidential.

Kraken Focuses On Lithuania For A Banking Licence

A person familiar with the plans said Kraken is pursuing a full banking licence in Europe, with Lithuania as the jurisdiction it is focused on.

The plans would follow a regulatory path used by Revolut, which holds a specialised European banking licence issued by the Bank of Lithuania in 2018.

If Kraken receives the licence, the designation would mark a bank-style regulatory step that the company has not yet confirmed publicly.

That claim remains conditional because the licence has not been granted and the central bank did not discuss any specific application.

Revolut used its Lithuanian permission for current-account products, consumer credit and stock-trading services across the EEA.

The list of fintech firms with banking or specialised bank licences in Lithuania also includes Mano Bank, PayRay, European Merchant Bank, AB Fjord Bank and Saldo Bank.

CEO Describes A 10-Year Licence Plan

Sethi said at Money 2020 Europe that Kraken's plan for the next 10 years is to obtain licences either by buying existing businesses or by going de novo in each region and starting from scratch.

The licensing effort is part of a broader push by Payward, Kraken's parent company, to secure additional permissions globally.

The same account said Kraken Financial gained access to the Federal Reserve's payment infrastructure in March 2026, making it the first digital-asset bank to operate on the same rails as traditional financial institutions.

Payward also announced in May that it had secured a VARA authorisation in the UAE.

That adds a Gulf regulatory marker to a licensing strategy otherwise centred on Europe and U.S. banking rails.

Bank Of Lithuania Keeps Licensing Process Confidential

Kraken's immediate European path remains unresolved.

The company declined to comment, and the Bank of Lithuania spokesman said financial-market licensing processes are confidential.

Kraken has not disclosed whether it has filed a complete application, whether it is seeking acquisition targets, what services it would offer under a European banking licence, when a decision could arrive, or whether the plan would include named UAE or European banking partners.