Kraken Absorbs Departing French Accounts from MEXC
Key Summary
CEX operator Kraken announced an expanded referral agreement with MEXC on Tuesday, absorbing departing French retail accounts as MEXC winds down regional operations. The agreement extends an existing Dutch partnership and routes clients directly into Kraken operations regulated by EU compliance frameworks. Referred accounts gain access to more than 600 spot crypto assets, EUR fiat rails, and quarterly Proof of Reserves audits verified by independent firms.
Key Bullets
- Kraken and MEXC expanded their existing European referral agreement Tuesday to migrate departing French exchange accounts directly onto Kraken infrastructure.
- MEXC clients transitioning to Kraken gain access to more than 600 crypto assets, over 1,000 tokenized assets, and quarterly independent Proof of Reserves audits.
- Payward Europe Solutions holds MiCA authorization from the Central Bank of Ireland alongside MiFID licensing issued by the Cyprus Securities and Exchange Commission.
- Migrating users must complete onboarding KYC checks using identical account email addresses, with priority queuing targeting approvals in under 24 hours.
MEXC Offloads French Clients to Kraken
Cryptocurrency exchange operator Kraken expanded its operational footprint across the European Union Tuesday morning by absorbing retail accounts from departing competitor MEXC in France. MEXC is winding down local operations across French jurisdictions and directing its regional user base directly toward Kraken order books. The move builds upon a prior referral arrangement executed between the two platforms inside the Netherlands. Order routing pipelines are live now.
Transitioning users face strict migration protocols. Account holders must initiate asset transfers using the exact email credentials previously registered with MEXC. MEXC deployed dedicated customer support units to assist users throughout the migration window.
Regulatory Frameworks and Dual Licensing Setup
Payward Europe Solutions operates under active regulatory oversight enforced by the Central Bank of Ireland since securing MiCA authorization in June 2025. Additional e-money licenses issued by Irish regulators govern fiat storage mechanisms. Investment services covering derivatives and financial instruments operate via Payward Europe Digital Solutions under license number 342/17 issued by the Cyprus Securities and Exchange Commission. Very few European platforms hold both MiCA and MiFID authorizations simultaneously.
Compliance divisions enforced mandatory know-your-customer checks for all incoming accounts. Referred clients enter priority onboarding queues designed to clear verifications within 24 hours. The verification process includes completing a short eligibility knowledge test.
Asset Access and Proof of Reserves
Referred accounts gain immediate exposure to more than 600 spot crypto assets alongside 1,000 tokenized assets and EUR fiat payment rails. Digital assets supported natively by both venues transfer directly without conversion losses. Assets unsupported on Kraken order books must convert into USDC before withdrawal. Perpetual futures and advanced financial instruments remain subject to jurisdictional eligibility criteria.
Kraken maintains quarterly Proof of Reserves audits conducted by independent third-party accounting firms. These transparency reports offer verified backing metrics for customer balances. Trading desks processed the migration traffic immediately.
About CryptoNewsFree Market Intelligence Wire
The CryptoNewsFree Market Intelligence Wire provides rapid, objective coverage of breaking crypto developments, regulatory actions, and market liquidity trends. Our reporting strictly follows our Editorial & Verification Standards.