Kraken Opens US Crypto Perps Gateway with Bitnomial Deal
Kraken's subsidiary Bitnomial is moving to open up crypto perpetual futures to U.S. traders, according to Bloomberg.
The deal would allow American users access to a regulated product that mirrors markets on Hyperliquid's decentralized exchange and its underlying Layer 1 blockchain, without them needing to directly interact with the platform.
Perpetual futures are derivatives that track an asset's price without ever expiring. They have gained popularity on offshore and decentralized platforms but are tightly regulated in the U.S. due to concerns over market manipulation and anti-money laundering.
The regulatory approval process for this deal could take up to 10-12 months, with both the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) needing to weigh in on revised interpretive rules covering custody and routing standards.