Kraken has taken another decisive step in its U.S. expansion by acquiring Small Exchange, a CFTC-regulated Designated Contract Market (DCM), from IG Group for $100 million. The move gives the crypto exchange a direct path to launch a fully regulated U.S.-based derivatives marketplace, one capable of listing and clearing its own futures and options products.

As one of the world’s oldest and most liquid crypto platforms, Kraken aims to create a unified, high-performance trading ecosystem spanning both spot and derivatives markets. Through the DCM license, the company gains authorization under the Commodity Futures Trading Commission (CFTC) to design, list, and operate exchange-traded derivatives products within the United States.

Arjun Sethi, co-CEO of Kraken, said:

Kraken’s acquisition of a CFTC-regulated Designated Contract Market creates the foundation for a new generation of United States derivatives markets. This step connects spot, futures, and margin products inside a single regulated liquidity system. Together, these elements create a network that moves collateral in real time and reduces capital inefficiencies that have long held back U.S. traders.

The acquisition follows a string of strategic moves in Kraken’s derivatives roadmap. Earlier this year, Kraken acquired Ninjatrader, a leading U.S. futures trading platform, allowing users to trade CME-listed cryptocurrency futures alongside spot cryptocurrency. The firm later expanded that offering to include contracts tied to equities, FX indices, and commodities such as oil and gold.

Globally, Kraken continues to deepen its regulatory footprint. In 2019, it acquired Crypto Facilities, a UK FCA-regulated trading venue, and now operates Europe’s largest MiFID II-compliant crypto futures platform.

By integrating Small Exchange into its network, Kraken is positioning itself to lead in building institutional-grade derivatives markets as the crypto industry continues to mature under clearer U.S. regulatory oversight.

FAQ 💡

• What does Kraken’s acquisition of Small Exchange mean?
  It gives Kraken a CFTC-regulated platform to launch and clear its own crypto futures and options in the U.S.
• How much did Kraken pay for Small Exchange?
  Kraken acquired the Chicago-based DCM from IG Group for $100 million.
• Why is this deal important for Kraken’s U.S. strategy?
  The acquisition expands Kraken’s regulated derivatives presence, strengthening its position in the U.S. institutional market.
• How does this fit into Kraken’s global growth plan?
  It builds on prior acquisitions like Crypto Facilities and Ninjatrader, unifying Kraken’s global spot and derivatives ecosystem.

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