Kraken launches regulated cryptocurrency spot margin trading in the U.S.

Kraken launched a CFTC regulated crypto spot margin trading service to U.S. retail users, days after its parent company acquired the Bitnomial derivatives platform. Most of these products were previously unavailable at the U.S. retail user level, forcing them to turn to offshore platforms. Kraken said that users can use their crypto assets as collateral for transactions with up to 10 times leverage without having to sell them. The launch follows Monday's announcement that Kraken's parent company Payward has completed its acquisition of Bitnomial. Bitnomial is a Chicago-based crypto derivatives exchange that holds matchmaker, contract party and clearing party licenses issued by the CFTC. Payward said the acquisition will eventually allow it to provide regulated spot margin, perpetual futures and options products to U.S. users. The move also strengthens Kraken's presence in regulated derivatives infrastructure in preparation for a potential public offering. Payward submitted a draft S-1 registration application confidentially with the U.S. Securities and Exchange Commission (SEC) in November. The trading platform also continued to expand its institutional and derivatives business in the UK and Europe after acquiring NinjaTrader for US$1.5 billion in March 2025.