Crypto.com has secured approval from the Commodity Futures Trading Commission (CFTC) to offer margined derivatives, including on cryptocurrencies, through its affiliate Crypto.com | Derivatives North America (CDNA).
Key Takeaways:
Crypto.com has received CFTC approval to offer cleared margined derivatives through its affiliate CDNA. Its US subsidiary, Crypto.com | FCM, is now a registered Futures Commission Merchant with the NFA. The approvals position Crypto.com to launch a fully regulated, leveraged derivatives platform for both retail and institutional clients in the US.According to a recent statement, CDNA, already a CFTC-registered exchange and clearinghouse, has been granted an amended Derivatives Clearing Organization (DCO) license.
This enables the firm to offer cleared margined derivatives across crypto and other asset classes, expanding beyond its previous authorization to provide fully collateralized products through prediction markets.
Crypto.com Gains FCM Approval from NFA for US Derivatives Market Entry
In addition, Foris DAX FCM LLC, operating as Crypto.com | FCM, has been approved as a Futures Commission Merchant (FCM) by the National Futures Association.
This allows Crypto.com to act as an intermediary for both retail and institutional clients in the U.S. derivatives market.
“We will soon bring regulated, leveraged derivatives to retail customers in the U.S. through one interface,” said Crypto.com CEO and co-founder Kris Marszalek.
“This is a significant step in delivering a full-stack derivatives platform under U.S. regulatory oversight.”
Marszalek credited Acting CFTC Chair Caroline Pham for accelerating the approval process, stating, “We sincerely appreciate the partnership with Acting Chairman Pham and the CFTC, who are working hard to carry out the crypto agenda of President Trump.”
The amended DCO application was submitted in June 2024, following discussions with CFTC staff that began in 2023.
The approval process involved documentation reviews and technical demonstrations of CDNA’s trading and clearing systems. The FCM application was submitted earlier in April 2022 and underwent a similar review by NFA staff.
“Today’s approvals are proof that Acting Chairman Pham is delivering in real-time on President Donald J. Trump’s pledge,” said Steve Humenik, Head of Clearing at CDNA.
Nick Lundgren, Chief Legal Officer of Crypto.com, said the move is part of the company’s broader push to become “the most regulated financial services platform in the world.”
Travis McGhee, Global Head of Capital Markets, added that CDNA is building a next-generation clearinghouse with a focus on risk management and scale.
CFTC Expands Digital Asset Advisory Roles, Links Efforts to New Crypto Bill
The CFTC recently added new members to its Global Markets Advisory Committee (GMAC) and Digital Asset Markets Subcommittee (DAMS), showing its effort to bring industry expertise into digital asset policymaking.
Fresh appointees to DAMS include Katherine Minarik of Uniswap Labs, Avery Ching of Aptos Labs, James J. Hill of BNY, and Ben Sherwin of Chainlink Labs, figures with backgrounds in blockchain infrastructure, legal policy, and institutional crypto strategy.
JPMorgan’s Scott Lucas will now co-chair the group alongside Franklin Templeton’s Sandy Kaul, replacing Caroline Butler.
Lucas stressed the importance of “clear and effective regulatory frameworks,” while Kaul pointed to consumer protection as a key priority.
DAMS advises the CFTC on blockchain, tokenization, and decentralized finance, helping the agency assess risks and align oversight across financial markets.
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