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Exchange profiles

Kraken

Kraken is a US exchange founded in 2011. It serves Australians through Bit Trade Pty Ltd, a Sydney exchange it bought in January 2020. In December 2024 the Federal Court ordered Bit Trade to pay an A$8 million penalty over a margin product sold to retail customers.

Checked 31 October 2026. Each fact links to its source. General information, not a recommendation.

At a glance

Founded
28 July 2011, by Jesse Powell; its Australian business, Bit Trade, began around April 2013 (Kraken blog: Kraken is born (July 2011) · ASIC v Bit Trade Pty Ltd (No 2) [2024] FCA 1422)
Based in
Cheyenne, Wyoming, US (head office since June 2025; mostly remote); Australian office in Sydney (Kraken blog: Kraken relocates headquarters to Wyoming)
Australian operator
Bit Trade Pty Ltd, trading as Kraken Exchange Australia, ABN 42 163 237 634 (Kraken Support: Australia FAQ)
Owned by
Payward, Inc. (US), which bought Bit Trade on 14 January 2020 (Kraken blog: Meet Kraken's new Managing Director for Australia)
Leadership
Arjun Sethi, co-CEO of Payward (Aug 2026); Jonathon Miller, General Manager for Australia (Mar 2026) (The Block, 14 Aug 2026 · Kraken blog, 29 Mar 2026)
AUSTRAC
Registered (Bit Trade Pty Ltd), according to ASIC (ASIC media release 24-274MR)
ASIC licence
None of its own. Its Krak Pay app is offered as an authorised representative of Flexewallet (AFSL 448066); derivatives are for wholesale clients only, through Beaufort Fiduciaries (AFSL 545124) (Kraken Support: How trading fees work (Australia))
Trading fee, entry tier
Kraken Pro order book: 0.40% maker, 0.80% taker (since 9 July 2026) (Kraken fee schedule · Kraken Support: fee tier changes, July 2026)
Instant buy
1% fee, with a spread built into the price (Kraken fee schedule)
AUD deposits
PayID/Osko free (A$5 minimum); card, Apple Pay or Google Pay 3.75% + 25c (Kraken Support: Australia FAQ)
Coins
Over 200 to buy and sell instantly in Australia, and 13 AUD trading pairs (Kraken's own figures) (Kraken Support: Australia FAQ)
Proof of reserves
Yes: a Merkle tree customers can check, with an independent attestation; latest found 30 June 2025 (Kraken blog: Proof of reserves, 30 June 2025)
24-hour trading volume
Not available right now

Security record

  1. · Customer data exposed

    Support staff recruited to look up client data

    Kraken disclosed that a criminal group had twice recruited client support staff, the first time in February 2025, to view client records, then tried to extort Kraken with videos of the data. About 2,000 clients' support records may have been seen.

    Outcome: Kraken said client funds were never at risk and that it wouldn't pay.

    Sources: Decrypt · Bloomberg Law

  2. · Funds stolen

    Deposit bug used to withdraw about US$3 million of Kraken's own money

    A bug let accounts be credited for deposits that hadn't completed. Three accounts linked to a self-described security researcher withdrew nearly US$3 million from Kraken's own funds.

    Outcome: Kraken said no client assets were affected. The money was returned on 20 June 2024, less a small amount lost to fees.

    Sources: BleepingComputer · Cointelegraph

  3. · Outage

    Planned upgrade overran

    A scheduled two-hour upgrade overran and kept the exchange offline for much longer.

    Outcome: Kraken said client funds were secure.

    Sources: Business Standard

Regulation and legal action

  1. ASIC: A$8 million penalty over a margin product (Australia)

    ASIC sued Bit Trade in September 2023 for offering its "margin extension" product to retail customers without the required target market determination. The Federal Court found against Bit Trade on 23 August 2024. At least 1,163 customers used the product; ASIC says they paid more than US$7 million in fees and interest.

    Outcome: A$8 million penalty plus ASIC's costs.

    Sources: ASIC v Bit Trade Pty Ltd (No 2) [2024] FCA 1422 · ASIC media release 24-274MR

  2. US SEC lawsuit, later dismissed (US parent)

    The US Securities and Exchange Commission sued Payward, alleging Kraken operated as an unregistered exchange. Kraken denied it.

    Outcome: The SEC agreed in March 2025 to dismiss the case, with no penalty.

    Sources: Reuters, via The Star

  3. US SEC: US$30 million staking settlement (US parent)

    The SEC charged two Kraken companies with offering a staking programme without registering it.

    Outcome: Kraken paid US$30 million and agreed to stop offering the staking programme, without admitting or denying the allegations.

    Sources: SEC litigation release

  4. US sanctions settlement over users in Iran (US parent)

    Payward settled apparent breaches of US sanctions after serving users who appeared to be in Iran.

    Outcome: US$362,158.70, plus a commitment to spend US$100,000 more on sanctions controls.

    Sources: US Treasury (OFAC)

  5. US CFTC: US$1.25 million penalty over margin trading (US parent)

    The Commodity Futures Trading Commission found Kraken offered margined crypto trading to ineligible US customers without registering.

    Outcome: US$1.25 million civil penalty.

    Sources: CFTC press release 8433-21

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