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Kraken leads MiCA-regulated exchanges with $399.71 million spot liquidity

Kraken leads MiCA-regulated exchanges with $399.71 million spot liquidity

DefiLlama's MiCA dashboard shows Kraken ahead of Coinbase and other licensed venues on spot and perpetual market depth, with broader market coverage across Europe's regulated crypto trading landscape.

Fact Check
The DefiLlama MiCA dashboard (the primary source referenced in the claim) confirms Kraken leads all MiCA-regulated exchanges in spot liquidity with the broadest market coverage (1,704 markets), ahead of Coinbase. Multiple independent outlets (CryptoBriefing, crypto.news, and aggregated Wu Blockchain/MEXC reporting) cite the exact $399.71M spot liquidity figure at collection time. Because DefiLlama data is live and fluctuates with market depth, the current dashboard shows $415.40M rather than $399.71M — the figure was accurate as a snapshot at the time reported. The comparative and directional claim is fully supported.
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Summary

Kraken remained the top-ranked MiCA-regulated exchange in DefiLlama data, with $399.71 million in spot liquidity and $206.90 million in perpetual liquidity in figures cited by Wu Blockchain, while live dashboard readings later showed it still above $400 million in spot liquidity and above $220 million in perpetuals. Coinbase ranked second with $305.23 million in spot liquidity and $167.39 million in perpetual liquidity, followed by Crypto.com with $130.84 million in spot liquidity. Kraken also led in market coverage with 1,704 markets, ahead of Coinbase at 1,074 and Crypto.com at 883. The rankings underscore how, after MiCA licensing reshaped Europe's exchange market, liquidity and the breadth of listed markets have become key competitive factors because deeper order books can reduce slippage for larger trades and broader market coverage can give users more trading options on a regulated platform. Kraken secured its MiCA license from the Central Bank of Ireland in June 2025, while Coinbase established Luxembourg as its MiCA hub for all 27 EU member states and OKX expanded services across 28 EEA markets through Malta approval.

Terms & Concepts
  • MiCA: The European Union's regulatory framework for crypto-asset markets and service providers.
  • spot liquidity: The depth of buy and sell orders available for immediate trading on an exchange.
  • perpetual liquidity: Available market depth in perpetual derivatives, which are contracts without a fixed expiry date.