Payward Completes Bitnomial Acquisition To Expand CFTC-Regulated Crypto Derivatives In The United States

Payward, the parent company of Kraken, has completed its acquisition of Bitnomial, a move that gives it control of a fully CFTC-regulated derivatives stack in the United States.

Multiple outlets describe the deal as unlocking a “fully CFTC-regulated derivatives stack in the United States,” with one report saying it provides “a Futures Commission Merchant, a Designated Contract Market, and a Derivatives Clearing Organization.”

Benzinga

The acquisition was first announced on April 17, and one source ties the closing to a press release dated 05-01-2026.

The National Law Review frames the transaction as “the first fully CFTC-licensed derivatives company in the United States built for digital assets,” and says Payward now owns the “complete US derivatives stack” of FCM, DCM, and DCO.

Payward’s plan, as described across the reports, is to use that stack to expand CFTC-regulated products across Kraken and NinjaTrader, beginning with spot margin.

The National Law Review adds that the foundation is intended to enable “CFTC-regulated spot margin, perpetuals and options to eligible US clients on Kraken and NinjaTrader.”

Cointelegraph similarly says the acquisition provides “a fully licensed derivatives stack under CFTC oversight, covering trading, clearing and brokerage,” and that Payward plans to start with “spot margin, with perpetuals and options expected to follow.”

Across the reports, Payward’s immediate product focus is described as beginning with spot margin on Kraken, with perpetuals and options expected to follow.

The MEXC report says the plan is to “leverage this stack to roll out CFTC-regulated products across Kraken and NinjaTrader, beginning with spot margin trading and followed by perpetual futures and options offerings.”

Bitcoin Magazine

Cryptonews.net similarly states that Payward plans to expand “CFTC-regulated products across Kraken and NinjaTrader, starting with spot margin, with perpetuals and options expected to follow.”

The National Law Review is more specific about the sequence, saying Payward is enabling “CFTC-regulated spot margin, perpetuals and options to eligible US clients on Kraken and NinjaTrader” and that “We’re starting with spot margin on Kraken, with perpetuals and options to follow.”

It also quotes Arjun Sethi, Co-CEO of Payward and Kraken, saying, “Closing this deal brings a regulated US derivatives stack to Payward, its client and partners. A broker, exchange, clearinghouse purpose-built for digital assets, not adapted to them.”

In the same quote, Sethi adds, “That stack is what makes the next set of products possible. We’re starting with spot margin on Kraken, with perpetuals and options to follow. All under CFTC regulation, all in the US.”

Payward’s acquisition is also described as keeping Bitnomial operating within its existing regulatory structure, with one report saying “Bitnomial will continue operating within its existing regulatory structure.”

The deal is positioned by the sources against a broader regulatory backdrop in the United States, where regulators have acknowledged that crypto derivatives activity has moved offshore.

Cryptonews.net says “US regulators have acknowledged this trend,” and it quotes a joint statement from September 2025 by the Securities and Exchange Commission and the CFTC.

In that joint statement, the agencies 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 also said they were “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.”

Cointelegraph repeats the same September 2025 framing, stating that the SEC and CFTC said “regulatory fragmentation has pushed some crypto trading activity offshore” and that “perpetual futures have been limited in the US under current frameworks.”

MEXC similarly says the acquisition “lands Payward at a notable inflection point in US crypto regulation,” and it describes the same SEC and CFTC joint statement as acknowledging fragmentation and limited US options for perpetual futures.

In addition to the regulator statements, the sources describe a competitive push by US exchanges to expand crypto derivatives offerings, including CME plans for AVAX and SUI and a move toward 24/7 trading pending regulatory approval.

Beyond Payward’s acquisition, the sources map a wider set of derivatives expansions that include both US and non-US moves.

Cryptonews.net says that in April, CME Group “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).”

CoinDesk

It adds that “About a month later,” CME announced it would begin offering “24/7 trading for crypto futures and options at the end of May, pending regulatory approval.”

Cointelegraph echoes the same CME sequence, stating CME planned “futures tied to Avalanche (AVAX) and Sui (SUI)” after a January plan to list “Cardano (ADA), Chainlink (LINK) and Stellar (XLM),” and it repeats that CME would begin offering “24/7 trading forcrypto futures and options at the end of May, pending regulatory approval.”

The sources also describe offshore expansion by major exchanges, including Kraken’s February tokenized equity perpetual futures for non-US clients and Coinbase’s March expansion across 26 countries in Europe.

MEXC similarly reports Kraken’s February rollout and Coinbase’s “across 26 countries” MiFID-regulated expansion, and it adds that One Trading, Gemini and Backpack have launched regulated perpetual contracts for European traders.

The National Law Review situates the Payward deal within a longer build-out that includes a UK acquisition in 2019 and a regulated EU derivatives offering in 2025.

The sources also emphasize how Payward’s new structure is meant to connect regulated derivatives access to partners and end clients.

MEXC says the acquisition “enables Payward to connect fintechs, banks, and brokerages to US-regulated derivatives through its platform,” and it describes the stack as “anchored by Bitnomial’s licenses for exchange, clearing, and brokerage services.”

Coinpedia

Cryptonews.net similarly says the deal enables partners, “including fintechs, banks and brokerages,” to access US-regulated derivatives through Payward’s “infrastructure platform.”

The National Law Review adds a broader partner set through Payward Services, saying the acquisition “opens a new channel for partners, including fintechs, banks, brokerages, and payment providers, to offer regulated U.S. derivatives to their own end clients via a single integration.”

It also specifies Payward’s scale and footprint, stating Payward “serves clients in more than 190 countries and territories with crypto trading, derivatives, tokenized equities, staking, custody and B2B financial infrastructure.”

The National Law Review includes risk disclosures that mention “Commodity trading, including futures and spot margin trading, involves substantial risk and is not suitable for everyone,” and it states “Losses may exceed the initial investment, and additional collateral may be required.”

It also notes that “Spot margin trading is provided by NinjaTrader Clearing, LLC d/b/a Kraken Derivatives US, a CFTC-registered Futures Commission Merchant and NFA Member (NFA ID: 0309379).”