Kraken receives BMA license to begin derivatives trading in Bermuda

Kraken, a US-based cryptocurrency exchange, has received a license from the Bermuda Monetary Authority (BMA) to operate a derivatives trading platform in Bermuda.
Payward Digital Solutions, the legal name for Kraken, received a Class F digital business license on July 30, which allows it to
, providing wallet services, operating a digital asset derivatives exchange, and providing digital asset lending and digital asset repurchase trading services.
Bermuda has emerged as an attractive location for cryptocurrency activity, with Kraken joining Coinbase International and HashKey
Kraken is set to launch on the island alongside Global, the company said in a statement. The move comes amid a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Kraken.
In February 2023, Kraen agreed to pay $30 million (approximately 4.38257 billion yen) to settle with the SEC and cease staking operations in the United States. In November of the same year, the SEC
The lawsuit alleges that Kraken "operated as an unregistered securities exchange, broker, trader and clearing house."
Confirming the license, Theodorou said in an interview with Cointelegraph that "the BMA has demonstrated its willingness to promote innovation."
Their licensing process is thorough and fair, protecting consumers and ensuring that companies operate with transparency and integrity.
These are values that are completely in line with Ken's."