The relief lets Kraken Derivatives Exchange, formerly Small Exchange, avoid certain dormancy procedures as it seeks to restart regulated U.S. derivatives trading under conditions and a deadline running to October 2026.
The Commodity Futures Trading Commission’s Division of Market Oversight issued a time-limited no-action letter to Kraken Derivatives Exchange Inc., formerly Small Exchange Inc., covering certain dormancy-related procedures. The relief allows the designated contract market to restart listing products and trading without facing immediate enforcement action if it meets specified conditions and an October 2026 deadline. The action follows Kraken parent Payward’s acquisition of Small Exchange in late 2025 and responds to Kraken Derivatives Exchange Inc.’s request to extend the no-action position previously granted in CFTC Staff Letter No. 25-46. The move supports Kraken’s push to expand its regulated U.S. derivatives business as the exchange also broadens its product lineup, including Bitcoin and Ether options launched on July 16.