Kraken Tops List of MiCA-Regulated Exchanges with Record Liquidity

Kraken has taken the lead among MiCA-regulated crypto exchanges in Europe, according to DefiLlama's data. The exchange boasts $399.71 million in spot liquidity and $206.90 million in perpetual liquidity, placing it first in both categories.

This is a significant milestone for Kraken, which has been actively expanding its services across the European Economic Area (EEA). In June 2025, the exchange secured its MiCA license from the Central Bank of Ireland, allowing it to offer regulated services across the EEA.

Kraken's closest rival among MiCA-regulated exchanges is Coinbase, which ranked second in both spot and perpetual liquidity. However, Kraken still leads in terms of market coverage, with 1,704 markets available for trading.