Payward, Kraken's dad or mum firm, introduced that it has accomplished its acquisition of crypto derivatives alternate Bitnomial, giving it management of a completely CFTC-regulated derivatives stack in the US.
With this acquisition, Payward positive aspects infrastructure as a futures payment service provider, designated contract market and derivatives clearing home that it plans to make use of to increase its CFTC-regulated merchandise throughout Kraken and NinjaTrader, beginning with spot margin and together with perpetual and choices.
Payward stated Bitnomial will proceed to function inside its present regulatory construction and the deal will permit companions together with fintechs, banks and brokerages to entry US-regulated derivatives via its infrastructure platform.
The “definitive settlement” to accumulate the corporate was first introduced on April 17, when Payword introduced it might leverage Bitnomial's Commodity Futures Buying and selling Fee (CFTC) license to increase its providing of regulated crypto derivatives merchandise in the US.
In accordance with Payward's preliminary announcement, Bitnomial is the primary crypto-native firm within the U.S. to carry an alternate, clearing, and brokerage license underneath the CFTC.
Crypto derivatives market expands as US platforms construct out companies
Crypto derivatives, together with futures and choices tied to property comparable to Bitcoin (BTC), account for almost all of digital asset buying and selling quantity, with nearly all of the exercise happening on offshore platforms.
U.S. regulators have additionally acknowledged this development. In a joint assertion in September 2025, the Securities and Change Fee and CFTC stated regulatory fragmentation is pushing some crypto buying and selling actions offshore, noting that the present framework restricts perpetual futures buying and selling in the US.
The authorities stated they’re exploring methods to make use of present authorities to convey derivatives buying and selling into the nation, together with potential frameworks for merchandise comparable to perpetual futures and efforts to harmonize market-wide regulatory necessities.
In opposition to this backdrop, US platforms are starting to increase their choices of cryptocurrency derivatives. CME Group, the most important U.S. derivatives alternate operator, introduced in April that it plans to launch futures buying and selling associated to Avalanche (AVAX) and Sui (SUI), pending regulatory approval, following January's plans to record Cardano (ADA), Chainlink (LINK), and Stellar (XLM) contracts.
A few month later, the corporate introduced that it might start providing 24/7 buying and selling of crypto futures and choices on the finish of Could, pending regulatory approval.
sauce: CME Group
Exterior the US, crypto exchanges are increasing their derivatives choices in different markets. In February, Kraken launched tokenized fairness perpetual futures for non-US clients, providing 24/7 leveraged publicity to property comparable to US inventory indexes, gold, and equities, and in March, Coinbase expanded its derivatives product providing in Europe with new cryptocurrency futures and inventory index futures throughout 26 international locations via its MiFID regulated entity.
Different crypto exchanges comparable to One Buying and selling, Gemini, and Backpack have additionally launched regulated perpetual contracts in Europe.
