Kraken unveils broker offering in Australia for institutions

Crypto exchange Kraken said its wholesale customers can now buy crypto derivatives through its Australian financial services licensed broker.

US-based cryptocurrency exchange Kraken is expanding crypto-based offerings among Australian customers, extending its offerings to eligible wholesale customers looking to gain exposure to crypto price movements without holding underlying assets.

The service, which will be available immediately, allows Australian institutions to access a variety of crypto-based derivatives under a registered financial services licence, the exchange said in a Nov. 3 blog announcement. Kraken said its new broker service is designed for flexibility, noting that high-net-worth clients “are looking for the ability to execute advanced trading strategies using a licensed broker.”

“Our new premium product meets our customers’ trading needs and helps them navigate their crypto journey.”

Jonathon Miller, General Manager, Kraken Australia and Rest of the World

The launch follows recent organizational adjustments at Kraken. As Crypto.news previously reported, Kraken laid off approximately 15% of its workforce, joining other crypto companies, including Consensys and dYdX, in downsizing due to ongoing market and regulatory pressures.

The layoffs, which primarily affected senior management, reflect what Kraken describes as a shift toward “organizational discipline” to streamline decision-making and product innovation.

In early September, Kraken called for clearer crypto regulations in Australia after the Federal Court ruled that some of its margin extension product violated local laws. The exchange expressed disappointment with the decision, saying Australian crypto investors and businesses “continue to operate in a confusing and uncertain regulatory environment”.