Kraken launches regulated cryptocurrency spot margin trading in the US

Kraken has launched a CFTC-regulated cryptocurrency spot margin trading service for US retail users, just days after its parent company acquired the Bitnomial derivatives platform. Such products were previously largely unavailable to US retail users, forcing them to turn to offshore platforms. Kraken stated that users can use cryptocurrency assets as collateral for leveraged trading up to 10x without having to sell assets. This launch follows Payward's acquisition of Bitnomial, a Chicago-based cryptocurrency derivatives exchange holding CFTC-issued broker, contract broker, and clearing licenses. Payward stated that the acquisition will finally enable it to offer regulated spot margin, perpetual futures, and options products to US users, while strengthening Kraken's regulated derivatives infrastructure and preparing for a potential public listing. Payward confidentially filed a draft S-1 registration statement with the US Securities and Exchange Commission in November. The platform has also been expanding its institutional and derivatives business in the UK and Europe since its $1.5 billion acquisition of NinjaTrader in March 2025.