Kraken has opened Bitcoin and Ether options trading to eligible clients in the European Economic Area through Kraken Pro, using the MiFID licence held by the Cypriot investment firm it acquired in 2025.
London’s trading industry is coming home!
Clients can now access options alongside spot and futures from the same interface and use a shared pool of collateral, although the products are provided by separate regulated entities within the Kraken group.
The offering covers European-style options on XBT/USD and ETH/USD, with weekly, monthly, quarterly and semi-annual expiries. The contracts are cash-settled and denominated in US dollars, meaning their premium, profit and loss, and final settlement are calculated in dollars rather than delivered in Bitcoin or Ether.
Trading Starts through Private Quotes
Kraken is initially offering the contracts through a request-for-quote system rather than a public order book. A client can assemble a trade containing up to five components, request prices and accept one of the time-limited quotes received.
Once accepted, the transaction is binding. The structure is intended to support both individual options and multi-leg strategies without requiring each component to be executed separately in an open market.
Kraken also uses futures-style margining, meaning that the option premium is not paid in full when a position is opened; instead, profit and loss are marked against the client’s collateral.
Portfolio margin is enabled by default, allowing offsetting positions across the portfolio to reduce overall collateral requirements. More than 30 currencies and assets can be used as collateral.
However, the arrangement also means losses can trigger additional margin requirements or liquidation. Kraken warns that losses from selling certain options may exceed the margin initially posted.
Access is limited to eligible customers in EEA countries where Kraken offers derivatives.
One Interface, Two Regulated Providers
The unified account does not mean that one company supplies every part of the service. Cryptoassets used within the account are held by Ireland-based Payward Europe Solutions Limited under the EU’s MiCA framework.
The options themselves are provided by Payward Europe Digital Solutions (CY) Limited, or PEDSL-CY, which is regulated by CySEC under licence 342/17.
The company, previously known as I.F. Greenfields Wealth, was obtained by Kraken in 2025 to obtain its MiFID permissions. Finance Magnates earlier identified it as a former CFD provider linked to the PU Prime group; now it is listed with CySEC under its Payward name.
Kraken first launched the options outside Europe in July and said EEA access would follow later in 2026. The company has also indicated that subsequent stages may introduce a public order book and additional underlying assets, although it has not provided a timetable.
This article was written by Tanya Chepkova at www.financemagnates.com.
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