Why is Kraken leading MiCA-regulated crypto exchanges in Europe?

Kraken is leading MiCA-regulated exchanges because it has more than US$400 million in spot liquidity, more than US$220 million in perpetual liquidity and 1,704 markets, according to DefiLlama. Higher liquidity can reduce slippage for larger trades and support more trading activity.

What are the liquidity figures for Coinbase and Crypto.com under MiCA?

Coinbase has US$305.23 million in spot liquidity and US$167.39 million in perpetual liquidity, while Crypto.com has about US$130.84 million in spot liquidity. These figures place Coinbase second and Crypto.com among the larger MiCA-regulated exchanges.

What does market coverage mean for Kraken and other MiCA exchanges?

Kraken offers 1,704 markets, compared with 1,074 for Coinbase and 883 for Crypto.com. Market coverage refers to the number of trading pairs and products available on an exchange, giving users more options to trade through a single regulated platform.

How is MiCA changing competition between European crypto exchanges?

MiCA requires crypto-asset service providers to obtain regulatory approval before serving users across the European Union. The latest data suggests exchanges are now competing not only on licensing but also on liquidity, trading products and market coverage to attract European users.

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Kraken tops MiCA exchanges with $400M liquidity

Written by Isaac FrancisPublished Jul 9, 2026, 5:02 AM

Kraken leads MiCA-regulated crypto exchanges with more than US$400 million in spot liquidity and over US$220 million in perpetual liquidity, according to DefiLlama.
Coinbase remains the second-largest regulated venue by liquidity, while Crypto.com ranks among the leading exchanges under the EU's MiCA framework.
The data suggests liquidity and market coverage have become key competitive factors as exchanges compete for users under Europe's new crypto regulations.

Kraken has emerged as the leading MiCA-regulated crypto exchange with more than US$400 million in spot liquidity and over US$220 million in perpetual liquidity, according to DefiLlama data tracking regulated European trading venues.

The rankings come after the European Union fully implemented the Markets in Crypto-Assets (MiCA) framework, shifting competition among exchanges beyond regulatory approval to factors such as liquidity and the number of available trading markets.

Coinbase ranked second with US$305.23 million in spot liquidity and US$167.39 million in perpetual liquidity, while Crypto.com recorded US$130.84 million in spot liquidity, according to figures cited by Wu Blockchain and reflected in DefiLlama's live dashboard.

Kraken also led market coverage with 1,704 trading markets, ahead of Coinbase with 1,074 and Crypto.com with 883, while Bitstamp, Bybit, OKX, Gate and Backpack offered smaller market selections and liquidity pools.

The latest figures suggest exchanges with deeper liquidity and broader market coverage may appeal to larger traders seeking lower slippage, while no listed company share price reaction applies to the data.

Kraken secured its MiCA licence from the Central Bank of Ireland in June 2025, allowing it to provide regulated crypto services across the European Economic Area, while Coinbase established Luxembourg as its MiCA hub for all 27 European Union member states.

Other exchanges also expanded their European operations before the July 1 MiCA deadline, including OKX through Malta, as competition increasingly centres on liquidity, trading products and market coverage rather than licensing alone.