Move positions Kraken to launch fully regulated U.S. derivatives markets under CFTC oversight, expanding its onshore reach.
Kraken and Adobe stock modified by Blockworks
Kraken has acquired Small Exchange, a U.S. Commodity Futures Trading Commission-licensed Designated Contract Market, from IG Group for $100 million, the company announced.
The deal positions Kraken to offer fully regulated onshore derivatives trading in the United States, extending its reach into the world’s largest capital market. The acquisition gives Kraken the regulatory foundation to design and operate U.S.-listed derivatives under direct CFTC oversight.
Kraken co-CEO Arjun Sethi said the purchase marks “the foundation for a new generation of United States derivatives markets,” describing the move as an effort to consolidate spot, futures, and margin trading into one regulated ecosystem. The integration aims to reduce market fragmentation and bring high-performance, low-latency trading onshore — capabilities often available only in offshore venues.
The transaction follows Kraken’s earlier purchase of NinjaTrader, which gave clients access to CME-listed crypto futures, and builds on its prior acquisitions of Crypto Facilities in the U.K. and its regulated derivatives presence in Europe under MiFID II.
With operations now spanning six fiat currencies and more than 450 digital and traditional assets, Kraken is positioning itself as one of the few global crypto firms with derivatives venues across three major jurisdictions.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor David Canellis before publication.
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