Kraken has launched CFTC-regulated spot crypto leveraged trading for US retail investors, marking its first product since its parent company, Payward, acquired derivatives platform Bitnomial. Users can use their crypto assets as collateral to trade with up to 10x leverage without directly selling assets. Kraken stated that such services have long been absent from the US retail market, leading to trading activity flowing to unregulated offshore platforms. This new product aims to fill a regulatory gap, and perpetual contracts and options products are expected to follow. Kraken has already secretly filed a draft S-1 registration statement with the SEC in November 2025, preparing for a potential public listing.