Crypto exchange Kraken is pursuing a bank license in Europe, according to reporting that cites a person familiar with the plans. The effort is focused on Lithuania as the likely jurisdiction for obtaining the required authorization. The initiative is described as part of Kraken’s broader move to expand how it operates within regulated financial frameworks, shifting from an exchange model toward one that could include banking functions. The reporting indicates that Lithuania is being considered as the route to secure the license, though specific details about timing, the scope of activities the license would cover, and whether regulators in Lithuania have already begun review are not provided in the available summaries. The information is consistent across the referenced outlets, which both frame the move as Kraken’s attempt to become a bank in Europe through a formal licensing process. No additional confirmation from Kraken or explicit comments from Lithuanian regulators are included in the provided materials.