Archax Set to Acquire Spanish Broker King & Shaxson to Broaden European Reach
Archax, a UK-regulated cryptocurrency exchange, plans to acquire King & Shaxson Capital Markets to enhance its services in the EU market.
Archax Acquires King & Shaxson Capital Markets
Archax, a U.K.-regulated crypto exchange, has agreed to purchase King & Shaxson Capital Markets (KSCM), a Spanish broker based in Madrid since 2019. This move aims to extend Archax's brokerage, trading, and custody services into the European Union.
Regulatory Approval Required
The acquisition will enhance Archax's footprint within the EU as the Markets in Crypto-Assets Regulation (MiCA) takes effect. The deal’s completion, however, hinges on regulatory approval in Spain
KSCM's Future
After the deal, KSCM is set to operate as a wholly-owned subsidiary of Archax, bolstering its ability to serve institutional clients throughout Europe. The financial terms of the acquisition were not disclosed.
Statement from CEO
Graham Rodford, CEO of Archax, stated: "The Archax strategy has always been to expand its regulatory footprint globally, with the EU region being of prime importance for us, post-Brexit. This acquisition expands and enhances our access to permissions within the EU region, building on those we hold with the FCA in the UK."
Note: MiCA regulations will officially take effect on December 30, following initial provisions that have already been instituted.
