Bitfinex vs Kraken: Founders, CEOs and History
Bitfinex was founded in 2012 by Raphael Nicolle, Giancarlo Devasini and is led by JL van der Velde. Kraken was founded in 2011 by Jesse Powell, Thanh Luu and is led by Arjun Sethi and Dave Ripley (co-CEOs).
Company facts
Founders
Bitfinex
Raphael Nicolle
Raphael Nicolle launched Bitfinex in December 2012 as a peer-to-peer bitcoin lending platform, drawing on Bitcoinica, an earlier margin-trading site.
Giancarlo Devasini
Giancarlo Devasini joined Bitfinex in its first year, became its largest shareholder and serves as CFO of Bitfinex and Tether. He oversaw the group's finances through the 2016 hack, the banking cut-offs of 2017-2019 and the $1 billion LEO token sale.
Kraken
Jesse Powell
Jesse Powell co-founded Kraken in 2011. A massive early believer in Bitcoin, he famously visited the offices of the collapsing Mt.
Thanh Luu
Thanh Luu co-founded Kraken in 2011 alongside Jesse Powell. He played a critical role in the incredibly complex early backend engineering required to build a crypto exchange that didn't constantly get hacked, establishing the intense security culture that rema…
CEOs and their tenures
Bitfinex
- Giancarlo Devasini2012–present
Co-Founder & CFO
As the deeply secretive CFO of both Bitfinex and Tether, he is widely considered the true architect of the massive stablecoin empire that underpins the entire global crypto economy.
Source - JL van der Velde2013–present
CEO
A Dutch executive who moved to Taiwan in 1985 and spent decades in Asian technology businesses before running Bitfinex; a 2023 WSJ report put his stake at about 15%.
Source - Paolo Ardoino2016–present
CTO
As CTO (and later CEO of Tether), he serves as the highly visible, combative public face of the company, frequently utilizing Twitter to reassure markets of the exchange's absolute stability.
Source
Kraken
- Dave Ripley2023–present
Co-Chief Executive Officer
Professionalised Kraken's licensing and institutional business ahead of its planned IPO; co-CEO with Arjun Sethi since October 2024.
Source - Arjun Sethi2024–present
Co-Chief Executive Officer
Appointed Co-CEO alongside Dave Ripley, he manages the massive product expansion strategy as Kraken attempts to close the massive volume gap with Binance.
Source
Timeline: Bitfinex and Kraken side by side
2011Kraken
Jesse Powell Founds Kraken After Mt. Gox Security Inspection
Jesse Powell and Thanh Luu incorporate Payward Inc. (Kraken) in San Francisco after Powell observes catastrophic security flaws at Mt. Gox in Tokyo.
2012Bitfinex
Bitfinex launches: Raphael Nicolle launches Bitfinex in December 2012 as a peer-to-peer bitcoin lending platform, later adding exchange trading.
2013Kraken
Kraken Exchange Public Beta Launch
Following two years of rigorous security testing, Kraken publicly launches its spot cryptocurrency exchange offering Bitcoin, Litecoin, and Euro trading pairs.
2014Kraken
Pioneered World's First Cryptographic Proof of Reserves Audit
Kraken executes the world's first mathematically verifiable cryptographic Proof of Reserves audit using Merkle trees, proving customer balances are fully backed 1:1.
2014Kraken
Selected by Mt. Gox Bankruptcy Trustee
The Tokyo District Court appoints Kraken to assist the Mt. Gox bankruptcy trustee in investigating lost Bitcoin and distributing recovered funds to creditors.
2015Bitfinex
First hack: A May 2015 breach costs about 1,500 BTC, roughly $400,000 at the time.
2016Bitfinex
First CFTC penalty: In June 2016 the CFTC orders Bitfinex to pay $75,000 for illegal off-exchange financed commodity transactions and failing to register as a futures commission merchant.
2016Bitfinex
119,756 BTC stolen: On 2 August 2016 an attacker steals 119,756 BTC, worth about $72 million. Bitfinex cuts all balances by 36% and issues BFX debt tokens.
2017Bitfinex
All BFX tokens redeemed: Bitfinex finishes redeeming every BFX token in April 2017, eight months after the hack. The same month Wells Fargo stops processing its wires.
2019Bitfinex
$1 billion LEO token sale: After about $850 million at payment processor Crypto Capital is frozen and the New York Attorney General opens a case, iFinex raises $1 billion selling UNUS SED LEO tokens i…
2019Bitfinex
Lightning Network support: Bitfinex becomes one of the first major exchanges to offer Lightning Network deposits and withdrawals in December 2019.
2019Kraken
Acquisition of Crypto Facilities for $100 Million
Acquires UK FCA-regulated derivatives platform Crypto Facilities for $100M, launching Kraken Futures for regulated digital asset derivatives trading.
2020Kraken
Awarded First US SPDI Bank Charter in Wyoming
The Wyoming State Banking Board approves Kraken's application for a Special Purpose Depository Institution (SPDI) charter, creating Kraken Bank as America's first regulated crypto bank.
2021Bitfinex
NYAG and CFTC settlements: Bitfinex and Tether pay $18.5 million to settle the New York Attorney General case in February 2021; in October 2021 the CFTC fines Bitfinex $1.5 million.
2021Bitfinex
Bitfinex Pay launches: Bitfinex launches Bitfinex Pay in March 2021 so online merchants can accept crypto payments.
2021Kraken
Relaunch of Automated Real-Time Proof of Reserves
Rolls out an advanced semi-annual cryptographic Proof of Reserves framework allowing any individual client to mathematically verify their account balances via Merkle tree hashes.
2022Bitfinex
US seizes hacked bitcoin: In February 2022 US authorities arrest Ilya Lichtenstein and Heather Morgan and seize about 94,000 of the stolen bitcoin, then worth $3.6 billion.
2023Bitfinex
First El Salvador licence: Bitfinex Securities receives the first licence issued by El Salvador's National Commission of Digital Assets in April 2023.
2023Bitfinex
Orionx investment and Latin America P2P: Bitfinex announces an investment in Chilean exchange Orionx in May 2023 and launches peer-to-peer trading in Venezuela, Argentina and Colombia in June.
2023Kraken
David Ripley Appointed Chief Executive Officer
David Ripley succeeds founder Jesse Powell as CEO, steering corporate preparation for an eventual initial public offering while Powell transitions to Chairman.
2023Kraken
SEC Staking Settlement
Kraken agreed in February 2023 to pay $30 million and end its US staking service to settle SEC charges.
2024Bitfinex
First tokenised bond: In April 2024 Bitfinex Securities opens a $6.25 million, 10% five-year bond to build a Hampton by Hilton hotel at El Salvador International Airport.
2024Bitfinex
Hacker sentenced: Ilya Lichtenstein is sentenced to five years in federal prison in November 2024; Heather Morgan receives 18 months.
2024Kraken
Unveiling of Ink: Ethereum Layer-2 Optimism Superchain Network
Announces Ink, a dedicated Layer-2 blockchain built on Optimism's OP Stack to bridge traditional finance with decentralized finance (DeFi) protocols.
2025Bitfinex
Derivatives arm moves to El Salvador: In January 2025 Bitfinex Derivatives relocates from the Seychelles to El Salvador after receiving its own DASP licence.
2025Bitfinex
Restitution of 94,643 BTC backed: January 2025 court filings support returning 94,643 BTC seized from the hacker to Bitfinex as in-kind restitution.
2025Bitfinex
Zero trading fees: On 17 December 2025 Bitfinex sets maker and taker fees to zero for spot, margin, perpetual derivatives, Bitfinex Securities and OTC trades.
2025Kraken
NinjaTrader Acquisition for $1.5 Billion
Payward bought US futures broker NinjaTrader for $1.5 billion, its largest deal, adding CFTC-regulated futures and a large active-trader base.
2026Bitfinex
Hacker released early: Ilya Lichtenstein is released from prison on 2 January 2026 under the First Step Act.
2026Bitfinex
Main exchange licensed in El Salvador: On 12 May 2026 Bitfinex receives a Digital Asset Service Provider licence, adding the main exchange to its licensed securities and derivatives entities in El Sal…
2026Bitfinex
Capstone payment accounts seized: In July 2026 US prosecutors seize about $84.2 million from accounts of Capstone, a payment firm that court papers say processed much of its flow for Tether and Bitfin…
2026Kraken
Nasdaq Invests $100 Million at $21 Billion Valuation
In September 2026 Nasdaq Ventures agreed to invest $100 million in Payward, reportedly at a $21 billion valuation, with plans to launch tokenized equities together in 2027.
Acquisitions
Bitfinex
- Orionx (investment)2023Undisclosed
- CityPay.io (strategic investment)2023Undisclosed
- Holepunch (co-funded with Tether)2022Undisclosed
Kraken
- Bitnomial2026$550M
- NinjaTrader2025$1.5B
- Staked2021Undisclosed
- Crypto Facilities (Kraken Futures)2019$100M
- Coinsetter & Cavirtex2016Undisclosed
Questions about Bitfinex vs Kraken
Who is the CEO of Bitfinex and Kraken?
Bitfinex is led by JL van der Velde and Kraken is led by Arjun Sethi and Dave Ripley (co-CEOs). Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Bitfinex founded vs Kraken?
Kraken was founded in 2011 — 1 year before Bitfinex, which was founded in 2012. Kraken's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Bitfinex.
How many employees does Bitfinex have compared to Kraken?
Bitfinex employs approximately 400 people, while Kraken employs approximately 2,600. Kraken has the larger workforce at 2,600 employees, compared to Bitfinex's 400. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Bitfinex and Kraken headquartered?
Bitfinex is headquartered in British Virgin Islands and Kraken is headquartered in United States. Their different home markets mean they may face different regulatory frameworks, tax regimes, and currency exposure.
Who founded Bitfinex and Kraken?
Bitfinex was founded by Raphael Nicolle, Giancarlo Devasini. Kraken was founded by Jesse Powell, Thanh Luu.
Which company has a longer operating history — Bitfinex or Kraken?
Kraken has been operating for approximately 15 years, making it the more established of the two companies. Bitfinex has been in operation for around 14 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bitfinex vs Kraken overview