Kraken review
Kraken is a cryptocurrency exchange founded in 2011 in San Francisco by Jesse Powell, Thanh Luu and Michael Gronager, launching publicly in 2013. Powell stepped down as CEO in 2022 to become chairman; Dave Ripley and Arjun Sethi have served as co-CEOs since October 2024. Kraken offers spot, margin, futures/perpetuals, staking, tokenized US equities and an NFT marketplace across 560+ cryptocurrencies, split between a beginner-friendly app and the order-book-focused Kraken Pro. It holds a Wyoming special purpose depository institution charter, a MiCA license via the Central Bank of Ireland, and licenses across the UK, Canada and Cyprus. It has settled several US regulatory actions, including a $30 million SEC staking settlement, and confidentially filed for an IPO in November 2025.
Kraken key facts
- Website: www.kraken.com
- Category: Centralized cryptocurrency exchange (CEX)
- Founded: 2011, by Jesse Powell, Thanh Luu and Michael Gronager; launched publicly 2013
- Headquarters: San Francisco, California (Payward, Inc.); EU entity based in Dublin, Ireland
- Regulatory status: Wyoming SPDI bank charter; MiCA-licensed via Central Bank of Ireland; also licensed in UK, Canada and Cyprus
- Leadership: Jesse Powell, co-founder and chairman; Dave Ripley and Arjun Sethi, co-CEOs since Oct 2024
- Products: Spot, margin (up to 10x), futures/perpetuals (up to 50x), staking, tokenized US equities (xStocks), NFT marketplace
- Trading fees: Kraken Pro tiered maker/taker, roughly 0.25%/0.40% at the lowest volume tier down toward 0%/0.10% at the highest; the beginner app's Instant pricing runs much higher
- Supported assets: 560+ cryptocurrencies, 1,200+ trading pairs
- CEO: Jesse Powell
- FYI Score: 91.5/100 (ranked #5 of the 48 crypto exchanges we track)
Trading fees
- Kraken Pro uses a tiered maker/taker schedule based on 30-day volume, roughly 0.25% maker / 0.40% taker at the lowest tier down toward 0% maker / 0.10% taker at the highest
- The beginner Kraken app's Instant Buy/Sell pricing is materially higher, reported up to about 3% including spread and fee
- Futures use a separate tiered schedule with maker rebates at higher tiers and taker fees in the low single-digit basis points
- Crypto deposits are free; fiat deposit and withdrawal fees vary by currency and method
Supported assets
- 560+ cryptocurrencies and 1,200+ trading pairs
- Tokenized US equities and ETFs (xStocks), launched June 2025 with 60 assets and expanded after Kraken's December 2025 acquisition of Backed, the company behind xStocks
- Regulated perpetual futures on tokenized stocks for eligible non-US users in 110+ countries, launched February 2026
Products
- Kraken (simple app) and Kraken Pro (advanced order-book trading) in one account
- Margin trading up to 10x leverage; futures/perpetuals up to 50x
- Staking on proof-of-stake assets, an NFT marketplace, and institutional custody/execution
- Payward's IPO-access platform, letting non-US retail investors buy into IPOs at issue price rather than the secondary market
Security & regulation
- First crypto exchange to obtain a Wyoming special purpose depository institution (SPDI) bank charter, in 2020
- MiCA-licensed via the Central Bank of Ireland, providing passported access across the EEA; also licensed in the UK, Canada and Cyprus
- Over 95% of user funds held in cold storage, with publicly queryable proof of reserves
- Settled with the SEC for $30 million in February 2023 over its unregistered staking-as-a-service program, and discontinued US retail staking; a separate SEC lawsuit alleging unregistered securities-exchange activity was dismissed with prejudice in March 2025
- Also settled with the CFTC ($1.25 million, 2021, unregistered margin trading), OFAC ($362,000, 2022, sanctions-related) and Australia's ASIC (A$8 million, 2024)
- Confidentially filed a draft S-1 registration with the SEC in November 2025, targeting a potential IPO in H2 2026 or early 2027
Markets
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Who Kraken is for
Kraken suits traders who weight regulatory standing and custody practices highly, over chasing the rock-bottom fees or the widest coin list of offshore rivals. Active traders should use Kraken Pro rather than the beginner app, whose Instant pricing runs materially higher.
Pros
- One of the longest-operating, most-licensed exchanges: a Wyoming bank charter, MiCA authorization in the EU, and licenses across the UK, Canada and Cyprus
- Wide asset selection: 560+ cryptocurrencies, 1,200+ pairs, plus tokenized US equities via xStocks
- Strong custody practices: 95%+ cold storage and public proof of reserves
- Confidentially filed for an IPO in November 2025, pointing toward greater public disclosure ahead
- Actively expanding regulated product lines through 2025-2026: a dedicated derivatives platform, tokenized-stock perpetual futures, and an IPO-access platform
Cons
- Track record of US and international regulatory settlements: SEC ($30M, 2023, unregistered staking), CFTC ($1.25M, 2021), OFAC ($362K, 2022) and ASIC in Australia (A$8M, 2024)
- The beginner app's Instant Buy/Sell pricing runs far higher (up to roughly 3%) than Kraken Pro's order-book fees, so cost varies a lot by which product a user picks
- Newer products, tokenized stock derivatives and the IPO-access platform, are still ramping up through 2026 and less proven at scale than Kraken's core exchange
- A 2023 SEC lawsuit alleging unregistered securities-exchange activity, though dismissed with prejudice in 2025, remains part of the exchange's regulatory history
Kraken FAQ
Is Kraken regulated?
Yes, more comprehensively than most peers. Kraken holds a Wyoming special purpose depository institution bank charter, a MiCA license via the Central Bank of Ireland covering the EEA, and licenses in the UK, Canada and Cyprus. It has also settled several past US and international enforcement actions, including a $30 million SEC staking settlement in 2023.
Is Kraken safe?
Kraken holds over 95% of user funds in cold storage and publishes queryable proof of reserves. It has not disclosed a major exchange hack. Its regulatory history includes settlements with the SEC, CFTC, OFAC and Australia's ASIC, none of which involved a loss of customer crypto funds.
What are Kraken's fees?
Kraken Pro uses a tiered maker/taker schedule based on 30-day volume, roughly 0.25% maker / 0.40% taker at the lowest tier, improving toward 0% maker / 0.10% taker at the highest. The simpler Kraken app charges Instant Buy/Sell pricing that can run up to about 3%, so active traders get better pricing on Kraken Pro.
Is Kraken going public?
Kraken's parent company, Payward, confidentially filed a draft S-1 registration statement with the SEC in November 2025, targeting a potential IPO in the second half of 2026 or early 2027, subject to market conditions and regulatory review.
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