Kraken’s $100M Deal Opens Door for US Traders to Access Regulated Derivatives

Key Takeaways

• Kraken acquires CFTC-regulated Small Exchange for $100 million.
• The acquisition expands Kraken’s derivatives offerings into the U.S. market.
• Kraken now operates licensed derivatives markets across the U.S., U.K., and EU.

Kraken has finalized a $100 million acquisition of Small Exchange, a U.S. futures platform regulated by the Commodity Futures Trading Commission (CFTC).

The deal marks one of the crypto industry’s largest regulatory footholds in the American derivatives market, making Kraken one of the few exchanges with licenses spanning the U.S., U.K., and E.U.

The acquisition, confirmed Tuesday, represents a major step in Kraken’s strategy to integrate spot, futures, and margin products under a single, regulated ecosystem.

What the License Means

By acquiring a CFTC Designated Contract Market (DCM), Kraken is now authorized to design, list, and clear regulated derivatives products in the United States — something that has largely remained out of reach for global crypto platforms.

“This step connects spot, futures, and margin products inside a single regulated liquidity system, reducing fragmentation, lowering funding latency, and bringing onshore access and performance that has mostly existed offshore,” Kraken CEO Arjun Sethi said.

The new framework allows the exchange to merge risk management, clearing, and matching engines under direct CFTC oversight, aligning its infrastructure with the standards of traditional financial exchanges.

Expanding a Global Derivatives Footprint

Kraken’s U.S. derivatives expansion adds to its existing licenses in Europe and the U.K.

Combined, the system now spans six fiat currencies and more than 450 digital and traditional assets.

The move builds on earlier acquisitions, including futures platform NinjaTrader, which allowed U.S. clients to trade CME-listed Bitcoin and Ethereum contracts through Kraken.

In October, Kraken broadened its derivatives offerings further to include contracts tied to equities, foreign exchange indices, and commodities like gold and oil.