Payward, the parent company of Kraken, announced it has completed its acquisition of crypto derivatives venue Bitnomial, giving it control of a fully CFTC-regulated derivatives stack in the United States.
The acquisition gives Payward a Futures Commission Merchant, Designated Contract Market and Derivatives Clearing Organization, infrastructure it plans to use to expand CFTC-regulated products across Kraken and NinjaTrader, starting with spot margin, with perpetuals and options expected to follow.
Payward said Bitnomial will continue operating within its existing regulatory structure, with the deal enabling partners, including fintechs, banks and brokerages, to access US-regulated derivatives through the company’s infrastructure platform.
The “definitive agreement” to acquire the company was first announced on April 17, when Payward said it would use Bitnomial’s Commodity Futures Trading Commission (CFTC) licenses to expand regulated crypto derivatives offerings in the US.
According to Payward’s initial announcement, Bitnomial is the first crypto-native company in the US to hold licenses for exchange, clearing and brokerage functions under the CFTC.
Crypto derivatives markets expand as US platforms build offerings
Crypto derivatives, including futures and options tied to assets such as Bitcoin (BTC), account for a majority of digital asset trading volumes, with a significant share of activity taking place on offshore platforms.
US regulators have acknowledged this trend. In a joint statement in September 2025, the Securities and Exchange Commission and the CFTC said regulatory fragmentation has pushed some crypto trading activity offshore and noted that perpetual futures have been limited in the US under current frameworks.
The agencies said they are exploring ways to bring derivatives activity onshore using existing authorities, including potential frameworks for products such as perpetual futures and efforts to align regulatory requirements across markets.
Against this backdrop, US platforms have begun expanding their crypto derivatives offerings. In April, CME Group, the largest derivatives exchange operator in the United States, said it plans to launch futures tied to Avalanche (AVAX) and Sui (SUI), pending regulatory approval, following a January plan to list contracts for Cardano (ADA), Chainlink (LINK) and Stellar (XLM).
About a month later, the company announced it would begin offering 24/7 trading for crypto futures and options at the end of May, pending regulatory approval.
Source: CME Group
Outside the US, crypto exchanges have been expanding derivatives offerings in other markets. In February, Kraken launched tokenized equity perpetual futures for non-US clients, offering 24/7 leveraged exposure to assets including US stock indexes, gold and equities, while in March, Coinbase expanded its derivatives offerings in Europe with new crypto and equity-index futures across 26 countries through its MiFID-regulated entity.
Other crypto exchanges, including One Trading, Gemini and Backpack have also launched regulated perpetual contracts in Europe.
