Crypto exchange Kraken has agreed to buy U.S.-licensed Small Exchange from IG Group for $100 million, enabling it to offer CFTC-regulated futures & options in the U.S. The acquisition allows Kraken to internalize clearing, risk management, and matching services, advancing its bid to build a full-stack regulated derivatives platform. Analysts see it as a bold move amid an evolving crypto regulatory environment. The deal follows Kraken’s earlier expansion via the NinjaTrader acquisition and reflects growing demand for institutional-grade crypto instruments.