LIVEBITCOIN/EUR55,201+0.5%ETHEREUM/EUR1,487+0.1%SOLANA/EUR60.91+0.9%RIPPLE/EUR0.9919-0.0%BINANCECOIN/EUR505.28+0.1%BTC.D55.6%FEAR/GREED23 Extreme Fear
Daily briefing
Norriwire Briefing
5 essential crypto and fintech stories for the Baltics and Nordics. Every morning at 7:00. No ads.
Free. Unsubscribe anytime. We never sell your email to third parties.
Kraken · NorriWire
Kraken
Payward Global Solutions Limited (ES entitate); Payward, Inc. (mātes) · IE · 8 countries served
MiCA-licensed · Central Bank of Ireland (CBI)★ 4.7 / 5
Kraken (Payward, Inc., founded 2011 in San Francisco by Jesse Powell + Thanh Luu + Michael Gronager) is one of the world's oldest and most respected global crypto exchanges - 15 years with no major security incidents. The first major global crypto exchange with a full MiCA CASP licence from Central Bank of Ireland (2025-06-26, No. C559106). 200+ cryptocurrencies, 7 fiat, full product suite (spot, margin, futures, staking, OTC). Co-CEOs Dave Ripley + Arjun Sethi. Krak Card in 2025-Q4. IPO paused 2026-03 (was planned for Q1 2026 at $20B valuation).
NorriWire does not maintain an affiliate agreement with this platform.
Fees
Spot maker
0.25%
Spot taker
0.40%
SEPA deposit
Free
Card deposit
3.75%
SEPA withdrawal
€1.00
Crypto withdrawal (avg)
€8.00
Features
✓SEPA transfers
−Bank ID support
✓Mobile app
✓Two-factor authentication
✓Cold storage custody
✓Proof of Reserves
✓Derivatives (futures/perp)
✓200+ crypto trading pairs
Supported fiat currencies: EUR, USD, GBP, CHF, AUD, CAD, JPY
Pros
✓15 years of operating track record with no major security incidents - the industry gold standard
✓First major global crypto exchange with a full MiCA CASP licence (CBI Ireland, 2025-06-26)
✓Widest product range among MiCA exchanges - spot, margin, futures, staking, OTC, Krak Card
✓Proof of Reserves attestations 2× per year (Saxe & Partners LLP)
✓200+ cryptocurrencies, 7 fiat currencies (EUR/USD/GBP/CHF/AUD/CAD/JPY)
✓Pro maker/taker fees (0.25%/0.40%) - competitive for active traders
✓Staking on 17 coins - one of the widest sets
✓Full availability across all 30 EEA countries via the EU passport
Cons
✗Standard interface Instant Buy is 1% + spread (3-5× more expensive than Pro mode)
✗Many beginners don't know they should switch to Kraken Pro - a common mistake
✗No LV/LT/EE UI localisation (English only)
✗Card deposit is expensive (3.75%)
✗Crypto withdrawal fees vary (vs fixed at Bitvavo)
✗
Full review
Kraken - the 15-year-old global crypto exchange with a full MiCA licence from Ireland
Kraken (legally Payward, Inc. in San Francisco as the parent; for EU clients Payward Europe Solutions Limited and Payward Global Solutions Limited in Dublin, Ireland) is one of the world's oldest and most respected global crypto exchanges. Founded in July 2011 in San Francisco, Kraken was one of the first exchanges to bring institutional-grade security standards to the Bitcoin world - a direct result of founder Jesse Powell's experience with the 2011 Mt. Gox hack.
In 15 years of operating history, Kraken has not suffered a single major security incident with client-fund losses, which sets it apart from nearly every other older crypto exchange (FTX, Mt. Gox, Bitfinex 2016, Coincheck, KuCoin and others). On 26 June 2025, Kraken became the first major global crypto exchange to receive a full MiCA CASP licence from Ireland's Central Bank (licence No. C559106), allowing it to provide regulated services across all 30 EEA countries.
Quick facts
Item
Status
Legal name
Payward, Inc. (parent); Payward Europe Solutions Limited + Payward Global Solutions Limited (EU)
HQ
San Francisco (US); Dublin (EU)
Founders
Jesse Powell, Thanh Luu, Michael Gronager (2011)
Current co-CEOs
Dave Ripley (since 2023-04) and Arjun Sethi (since 2024-10)
Chairman
Jesse Powell (since 2023-04)
Founded
2011 (July, San Francisco)
MiCA CASP licence
Central Bank of Ireland, 2025-06-26 (licence No. C559106)
First major global MiCA CASP
Yes
Security incidents in 15 years
None (industry gold standard)
Client count
10M+ globally
Supported cryptocurrencies
200+
Fiat currencies
EUR, USD, GBP, CHF, AUD, CAD, JPY
IPO paused in 2026-03 - strategic uncertainty
✗US parent regulatory risk (although EU clients are separated)
Pro maker / taker fee
0.25% / 0.40%
Instant Buy fee
1% + spread
Proof of Reserves
Yes, 2× per year (Saxe & Partners LLP)
Available in all 30 EEA countries
Yes (since 2025-06-26)
Mobile app
iOS and Android, 4.5/5.0 rating
Historical context - how the Mt. Gox experience led to Kraken
Kraken has a unique founding story - it was born out of the 2011 Mt. Gox hack, which at the time was the world's largest Bitcoin exchange. Jesse Powell, a young entrepreneur with prior internet-gaming experience, consulted for Mt. Gox in 2011 after the hack and saw that the exchange did not meet the serious security level needed for Bitcoin to scale.
That experience led to a clear insight: the crypto world needed an exchange where security came first, not as an afterthought. In July 2011, Powell together with Thanh Luu and Michael Gronager founded Kraken in San Francisco, with a core principle: at the centre of every engineering decision is a preference for security over fast feature shipping.
Key milestones:
2011, July - founded in San Francisco (Payward, Inc.)
2013 - public Bitcoin trading launch
2014 - becomes the first crypto exchange to publish Proof of Reserves attestations (covered by Stefan Thomas in Bitcoin Magazine)
2026-03-18: IPO paused due to poor market conditions (Bitcoin -44% from late-2025 peak)
2026-05: Arjun Sethi says Kraken is "80% ready" for IPO
Products - why Kraken is more than just an exchange
Kraken is not just a spot crypto exchange. Its product range is one of the most complete among regulated exchanges:
1. Kraken (basic interface). A simple buy/sell interface for beginners. Instant Buy fee is 1% + spread. Designed for users who want to quickly buy €100-500 of Bitcoin without active trading.
2. Kraken Pro. For active traders - 0.25% maker / 0.40% taker fees, with volume tiers that step down. Supports limit, market, stop-loss, take-profit and OCO (One Cancels Other) orders.
3. Kraken Margin. Up to 5× leverage for spot trading. Lets users build leveraged longs/shorts. Used by professional traders.
4. Kraken Futures. Perpetual and fixed-date futures contracts. Acquired in 2019 from Crypto Facilities (UK FCA-regulated). Available across the EEA within ESMA retail leverage limits.
5. Staking. Available on 17 coins (ETH, SOL, ADA, DOT, ATOM and others). ETH staking yields typically 3-5% APR. Stake is segregated from Kraken's balance sheet - the client retains liquidity.
6. Kraken OTC Desk. For large trades (typically 100k+ USD equivalent). Direct communication with an OTC trader who executes off-book to minimise market impact.
7. Kraken Wallet. Non-custodial DeFi wallet (separate from exchange custody). Supports Ethereum, Solana, Bitcoin and other networks. Free.
9. Tokenized stocks (rolling out 2026). In partnership with Nasdaq, Kraken plans to launch tokenised stocks - initial announcement 2026-03-09, with full product expected H1 2027.
Pricing structure - why Pro mode is critical
Kraken's pricing is split between the basic interface (for beginners) and Pro mode (for active traders). The difference is large.
Service
Standard Kraken
Kraken Pro
Spot crypto buy
1% + spread (~1.5-2% total)
0.25% maker / 0.40% taker
Spot crypto sell
1% + spread
0.25% maker / 0.40% taker
SEPA deposit
Free
Free
Card deposit
3.75%
3.75%
SEPA withdrawal
€1
€1
Crypto withdrawal
Variable (typically $0.5-$8)
Variable
Volume discounts
None
Tiers from $50k+
Practical impact: if you use the standard Kraken interface's Instant Buy, a €1,000 Bitcoin purchase costs about €15-20. The same trade on Kraken Pro as a taker costs only €4 (0.40% × 1,000). That is 3.75× cheaper simply by switching to Pro.
A critical tip for a Baltic/Nordic user: always use Kraken Pro mode, not the basic interface. The account is the same, only the UI differs. Pro may look complex to beginners, but after 2-3 trades it becomes familiar.
Kraken Pro sits in the middle-to-lower band compared with major exchanges. Bitvavo is cheaper at the entry level, but Kraken offers a much wider product set (margin, futures, staking, OTC).
MiCA and why Ireland is the logical choice
On 26 June 2025, Ireland's Central Bank (CBI) issued Kraken the first major global MiCA CASP licence. This is notable for several reasons:
1. Kraken was the first major US crypto exchange with a full MiCA licence. Before Kraken, other major US exchanges (Coinbase, Gemini) were still in the MiCA authorisation process. Kraken received it 6 months after MiCA came into full force (2024-12-30).
2. Ireland as a strategic jurisdiction. Kraken chose Ireland as its EU base for several reasons: English language (larger talent pool), low corporate tax (12.5%), strong financial services sector and CBI's reputation as a serious regulator. After Kraken, Coinbase and other large US providers have also taken MiCA CASP licences in Ireland.
3. Two separate Payward entities in Ireland:
Payward Europe Solutions Limited - custody, exchange, order execution
Payward Global Solutions Limited - trading platform operation
This split is consistent with MiCA's requirement for separate licence types for different services.
4. EEA passport. With the CBI licence, Kraken provides services across all 30 EEA countries - 27 EU + Norway, Iceland, Liechtenstein. That includes all 7 Norriwire target markets: Latvia, Lithuania, Estonia, Finland, Sweden, Norway and Denmark.
5. Regular Proof of Reserves audits. Kraken was one of the first crypto exchanges to implement Proof of Reserves attestations (in 2014). Since 2022 they run 2× per year. The original auditor was Armanino until 2022, when Armanino exited the crypto audit space after the FTX scandal; the current auditor is Saxe & Partners LLP.
Evolution of US regulatory context
Kraken's US regulatory history has been turbulent and reflects the evolution of the US crypto market:
2022-2023: Kraken Staking SEC objections. The SEC argued that Kraken's staking service was an unregistered securities offering. In February 2023 Kraken paid a $30M fine and agreed to halt US staking services.
2023-11: SEC files an additional lawsuit. The SEC argued that Kraken as a whole operated as an unregistered securities exchange, broker and dealer. Kraken fought the case.
2025-01: US staking restored. After the 2024 elections and a change of SEC leadership, Kraken resumed US staking - 17 coins available in 39 states and territories.
2025-03: SEC drops the 2023 lawsuit. With prejudice (cannot be re-filed). No penalties, no business changes. Kraken called it "a win for fairness".
This points to a shifting US regulatory environment that directly affects Kraken's strategy in both the US and the EU. Today Kraken sits in the strongest regulatory position it has had since 2022.
Five real risks and warnings
1. Dependence on the basic UI vs the Pro UI. Beginners often don't know they should be using Kraken Pro, not the standard interface. The fee gap is 3-5×. This is a typical beginner mistake - the first €1,000 Bitcoin buy costs €15-20 instead of €4.
2. IPO uncertainty and corporate strategy. Kraken did 15% layoffs in 2024-10, raised $800M in 2025-11 and paused its planned IPO in 2026-03. That points to high strategic flux. While it does not affect client-fund security, it suggests some short-term priorities are still in flux.
3. US parent regulatory risk. Although the SEC dropped the 2023 lawsuit in 2025-03, the US regulatory environment could shift again (e.g. new administration). It does not directly affect EU clients (Payward Europe is separate), but group-level stress feeds into reputation.
4. Greater variability in crypto withdrawal fees. Unlike Bitvavo, where crypto withdrawal fees are fixed and low, Kraken's fees vary with network conditions. A Bitcoin withdrawal can cost $5-25 depending on on-chain conditions.
5. No LV/LT/EE UI localisation. Kraken's UI is English only (with some major languages - DE, FR, ES, IT, JA). It does not restrict usage but creates a barrier for users with limited English. Latvian regulators (Latvijas Banka) do not treat this as a compliance issue.
Who Kraken genuinely fits
Active traders - Kraken Pro's 0.25%/0.40% fees are competitive. Volume discounts starting at $50k+ per month bring fees down further.
Multi-asset-class users - 200+ cryptocurrencies, margin, futures, staking on 17 coins, OTC. Practically every asset is available.
Security-first users - 15 years of operating history with no security incidents is the industry's gold standard. Proof of Reserves 2× per year and cold storage of 95%+ of client funds.
Staking enthusiasts - 17 coins is a large staking set. ETH staking at 3-5% APR is competitive.
Futures and margin traders - Kraken Futures is one of the more sophisticated products with perpetual and fixed-date contracts.
Multi-fiat users - EUR/USD/GBP/CHF/AUD/CAD/JPY is the largest fiat set among major exchanges.
Kraken does not fit:
Complete beginners who find the Pro interface intimidating (start with Bitvavo)
Kraken is not a scam - it is a 15-year-old (since 2011) global crypto exchange with the industry's best security track record (no major incidents), the first major global MiCA CASP licence from Ireland's Central Bank (2025-06-26) and the widest product set among MiCA-regulated exchanges in the Norriwire region.
The key choice factor for a Baltic/Nordic user: use Kraken Pro, not the standard interface. Pro fees (0.25%/0.40%) are competitive, while Instant Buy 1% + spread is significantly more expensive. The most common user mistake is staying on the standard UI and not switching to Pro.
Remember: Kraken will never ask for your bank details by phone or email. If someone writes from "Kraken" about an urgent payment or password change - it is a scammer. If someone offers a "Kraken VIP club" or "investment opportunities" on social media - that is also a scam. Kraken does not offer such services.
