Kraken Top Crypto Exchange in EU Lobbying Spending Ahead of Coinbase

Based on publicly available data, crypto exchanges will spend millions of dollars lobbying the European Union in 2024, and many of the world’s largest exchanges employ the equivalent of multiple full-time lobbyists. Many companies increased their spending by 25% year over year.

According to data from the agency that monitors corporate profits and transparency. Corporate European Observatory and lobby controlPayword, the parent company of Kraken, has topped the list of spenders in the cryptocurrency industry. Under EU law, companies must register in the EU. EU Transparency Register Before lobbying an EU institution, you must provide information about your client, budget, and staff.

Payward, which operates Kraken, spent Lobbying expenses in 2024 ranged from $323,000 to $430,000 (€299,999 to €399,999), an increase of approximately $108,000 (€100,000) from the previous year, and included 2.75 full-time equivalent lobbyists on the payroll. Coinbase came in second place; expenditure Between $216,000 and $323,000 (€199,999 and €299,999), an additional $108,000 (€100,000) year-on-year increase. Coinbase hired 0.7 full-time equivalent lobbyists.

LobbyControl counts employees this way because professional lobbyists working in agencies often work for multiple clients, spending, for example, 20% of their work week on each client.

bit panda spent Lobbying costs remained the same as last year, ranging from $54,000 to $108,000 (€50,000 to €99,999), and the company hired two full-time lobbyists. Binance, through its Binance France SAS subsidiary, spent In 2024, the company will hire 0.4 full-time equivalent lobbyists at a salary of $54,000 to $108,000 (€50,000 to €99,999), the same as last year.

This data only reflects funds spent directly lobbying EU institutions such as the European Commission, and not the EU’s individual financial regulators or governments. Actual expenses may be even higher.

Digital banking giant Revolut, while not technically a crypto exchange, offers one of the most popular crypto trading services on the block. spent time between It hired 1.4 full-time equivalent lobbyists for $323,000 and $430,000 (€300,000 to €399,999).

While the crypto industry’s EU lobbying spending is significant, it dwarfs that of some of the world’s largest technology companies. According to , Meta spent more than $10.7 million (10 million euros), the highest of all companies. Group latest reportAmerica’s big tech companies dominate overall spending.

Virtual currency and the EU

The news comes at an interesting time for EU regulation. The Markets in Cryptoassets Regulation (MiCA), which gives the EU bloc-wide regulation governing cryptoassets for the first time, came into full force on December 30, 2024.

Meanwhile, the EU Anti-Money Laundering Authority (AMLA) warned Member States need to be particularly vigilant about the threat of financial crime before developing monetary policy. new Anti-Money Laundering Regulations (AMLR) from 1 July 2027 onwards.

the lawyers said decryption What some companies are trying To avoid some of the MiCA regulations Find the most favorable regulator through tactics such as confusing ownership structures and “regulator shopping.”