Source: Cointelegraph
Original: “Kraken Expands European Operations, Launches Regulated Crypto Derivatives Trading”
The cryptocurrency exchange Kraken has announced the launch of derivatives trading on its platform regulated under the EU's Markets in Financial Instruments Directive (MiFID II).
According to an announcement on May 20, Kraken's perpetual and fixed-date crypto futures contracts will be available for trading to retail and institutional clients in the European Economic Area (EEA). This announcement follows the exchange's acquisition of a Cypriot investment firm, which allowed it to obtain a MiFID license earlier in February, a move that has been approved by the Cyprus Securities and Exchange Commission.
Kraken's exchange head Shannon Kurtas stated, "Europe is one of the fastest-growing regions for digital asset trading and investment, with some of the most sophisticated and demanding clients and institutions."
He added, "Clients and partners are increasingly seeking comprehensive product services within a regulated framework."
Shannon mentioned that after the launch of the new derivatives products, "users will be able to seamlessly trade futures on the platform as part of a comprehensive product suite."
He noted that the derivatives will enhance "capital efficiency, liquidity access, reliability, and support complex strategies and position management." Kraken's derivatives will be offered through a MiFID II regulated entity based in Cyprus—Payward Europe Digital Solutions.
This launch comes as Kraken completed its acquisition of the futures trading platform NinjaTrader earlier this month, with first-quarter revenue increasing by 19% year-on-year to $471.7 million.
Recently, Coinbase CEO Brian Armstrong stated that his company will continue to seek acquisition opportunities after acquiring the crypto derivatives platform Deribit. These comments were made shortly after the U.S.-listed crypto exchange agreed to acquire Deribit, one of the largest crypto derivatives trading platforms globally.
Major crypto exchange Gemini has also recently received regulatory approval to expand crypto derivatives trading in Europe. Gemini's head of Europe, Mark Jennings, stated in a May 9 announcement:
"Once we begin operations, we will be able to offer MiFID II regulated derivatives trading within the EU and the EEA."
The decentralized finance platform Synthetix also plans to further enter the crypto derivatives space by reacquiring the crypto options platform Derive. This transaction still requires approval from the Synthetix and Derive communities.
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