Kraken Acquires Cyprus-Based Greenfields Wealth for EU Expansion

Kraken acquires Cyprus-based Greenfields Wealth, securing an EU MiFID license to expand derivatives offerings across the European Economic Area.

Key Points:

• Kraken’s EU Expansion – Kraken acquired Cyprus-based Greenfields Wealth to secure a MiFID license, enabling it to offer derivatives across the EEA.
• Strategic Regulatory Move – Cyprus serves as a key entry point for crypto firms like Kraken and Coinbase to access the European market.

Kraken has acquired Cyprus-based Greenfields Wealth, formerly Pacific Union Group, to secure a Markets in Financial Instruments Directive (MiFID) license in the European Union. This strategic move enables the crypto exchange to offer derivatives across the European Economic Area (EEA).

Although Kraken has not disclosed the financial terms of the deal, industry sources confirm that the acquisition strengthens its position in the European derivatives market.

Kraken Acquires Cyprus-Based Greenfields Wealth for EU Expansion

PU Prime, originally an Australian entity, operates under multiple offshore and onshore licenses. It recently acquired the Australian operations of Estonian CFDs broker Admirals and holds licenses in Mauritius, Seychelles, and South Africa.

Previously known as Pacific Union, the platform rebranded as PU Prime in early 2021. Historical data from Web Archive suggests that both the Cyprus-based Pacific Union Group and the offshore Pacific Union shared branding elements. Despite these similarities, the two entities functioned independently.

Following the rebranding, the Cyprus unit adopted the name Greenfields Wealth, maintaining a distinct brand identity while continuing to offer CFDs.

Kraken’s acquisition of Greenfields Wealth secures a Cyprus Investment Firm (CIF) license, allowing the exchange to offer over-the-counter derivatives to retail clients across the EEA.

While Kraken has not specified the derivative products it plans to introduce in Europe, industry analysts anticipate that the exchange will focus on crypto perpetual contracts.

“As we continue to expand our services across the globe, our focus on the European market remains a top priority,” said Shannon Kurtas, Kraken’s Co-GM of Pro & Exchange.

Kraken is not alone in leveraging Cyprus as a gateway to European markets. Coinbase has also acquired a Cyprus entity, BUX, which previously operated CFDs under the brand Stryk. Although Coinbase has yet to officially announce its intentions, its regulatory-approved website suggests a focus on professional and institutional clients.

With Cyprus emerging as a crucial hub for crypto firms seeking pan-European access, Kraken’s acquisition of Greenfields Wealth underscores the growing trend of strategic regulatory positioning within the industry.

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