Kraken has launched CFTC-regulated spot crypto margin trading for U.S. retail users, offering up to 10x leverage. The product allows customers to borrow liquidity against crypto they already hold rather than selling those assets outright. The launch follows parent company Payward’s acquisition of derivatives platform Bitnomial, which Kraken has linked to future U.S. offerings for regulated perpetuals and options. Kraken also said Payward confidentially filed a draft S-1 with the SEC in November 2025 for a potential public listing, adding a new corporate development to the exchange’s U.S. expansion strategy.