Kraken Launches Regulated Cryptocurrency Spot Margin Trading in the United States

On May 6, Kraken launched CFTC-regulated cryptocurrency spot margin trading for U.S. retail users—shortly after its parent company acquired the Bitnomial derivatives platform. Such products were previously unavailable to most U.S. retail users, pushing many to offshore platforms. Kraken noted users can trade with up to 10x leverage, using their crypto assets as collateral without selling them. The launch follows Monday’s announcement that Payward—Kraken’s parent company—has finalized its acquisition of Bitnomial. Based in Chicago, Bitnomial is a crypto derivatives exchange with CFTC licenses as a matching platform, contract market, and clearinghouse. Payward said the deal will eventually let it offer regulated spot margin, perpetual futures, and options to U.S. users. The move also bolsters Kraken’s position in regulated derivatives infrastructure as it eyes a potential public listing. Payward filed a confidential draft S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) last November. After acquiring NinjaTrader for $1.5 billion in March 2025, the platform is continuing to grow its institutional and derivatives business in the UK and Europe.