Payward Finalizes Bitnomial Deal to Grow CFTC-Regulated Crypto Derivatives in the U.S.

TLDR

(SeaPRwire) –  

• Payward now owns a CFTC-licensed U.S. crypto derivatives stack.
• Bitnomial brings FCM, DCM and DCO licenses to Payward.
• Kraken plans CFTC-regulated spot margin for eligible U.S. clients.
• Perpetuals and options are expected to follow after spot margin.
• NinjaTrader and Payward Services will also use the new infrastructure.

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Payward, the parent company of Kraken, has completed its acquisition of Bitnomial, a crypto-native derivatives company licensed by the Commodity Futures Trading Commission in the United States.

The deal gives Payward control of a full U.S. derivatives infrastructure stack, including a Futures Commission Merchant, a Designated Contract Market and a Derivatives Clearing Organization. The company said the acquisition will allow it to offer CFTC-regulated spot margin, perpetuals and options to eligible U.S. clients through Kraken and NinjaTrader.

The transaction was first announced on April 17, 2026. With the deal now closed, Bitnomial will continue operating within the Payward group while keeping its existing licenses, regulatory structure and third-party business relationships.

Payward said the acquisition forms part of a wider plan to expand regulated derivatives access across major markets. The company previously acquired a licensed crypto futures platform in the United Kingdom in 2019 and launched a regulated derivatives offering in the European Union in 2025.

Payward Gains Full U.S. Derivatives Stack

Bitnomial was built as a digital asset derivatives platform under CFTC oversight. Its structure includes an exchange, clearinghouse and brokerage framework, giving Payward a vertically integrated base for U.S. derivatives products.

Arjun Sethi, co-CEO of Payward and Kraken, said the deal brings a regulated U.S. derivatives stack to Payward, its clients and partners. He said the company plans to begin with spot margin on Kraken, followed by perpetuals and options.

The acquisition gives Payward a regulated route to offer more advanced trading products in the United States, where crypto derivatives remain closely watched by regulators. By operating through CFTC-licensed entities, the company aims to provide products within an established federal oversight framework.

The structure also gives Payward the ability to serve eligible clients through Kraken and NinjaTrader, while using Bitnomial’s licenses to support clearing and market operations.

Kraken and NinjaTrader Product Expansion

For Kraken, the acquisition adds a path to expand its U.S. product suite beyond spot crypto trading. The company is expected to begin with regulated spot margin before adding perpetual contracts and options.

NinjaTrader is also expected to benefit from the expanded derivatives infrastructure. The platform serves active traders and is part of Payward’s broader strategy to connect crypto and traditional derivatives markets.

Payward said Bitnomial’s team and operations will be scaled as the company builds its U.S. derivatives capabilities. Bitnomial’s existing businesses with third parties are expected to remain in place.

The deal also supports Payward Services, the company’s business-to-business infrastructure platform. Through that unit, fintech companies, banks, brokerages and payment providers may be able to offer regulated U.S. derivatives to clients through a single integration.

Deal Strengthens U.S. Crypto Derivatives Push

The acquisition places Payward in a stronger position within the regulated U.S. crypto derivatives market. Traditional venues such as CME Group have played a major role in listed crypto futures, while crypto-native firms have sought licensed ways to serve both institutional and retail traders.

By combining Bitnomial’s regulatory structure with Kraken’s liquidity and Payward’s wider infrastructure, the company is building a licensed alternative for digital asset derivatives in the United States.

The acquisition also comes as crypto companies continue to pursue clearer regulatory pathways for futures, options and margin products. Payward’s ownership of an FCM, DCM and DCO gives it direct control over key parts of the derivatives process, from market listing to clearing.

Payward said the completed deal will support regulated products across Kraken, NinjaTrader and Payward Services. The company’s first planned product under the expanded U.S. structure is spot margin on Kraken, with perpetuals and options expected to follow for eligible users.