The CFTC has granted Crypto.com a Derivatives Clearing Organization (DCO) license
Crypto.com was already a CFTC-registered exchange and clearinghouse
The company is already operating in the US prediction market space
Crypto.com is expanding the company's footprint in the US derivatives market. The company has been granted approval by the Commodities Futures Trading Commission (CFTC) for an amended Derivatives Clearing Organization (DCO) license. This enables the company to offer cleared margined derivatives.
Specifically, this
approval was granted
to Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse and an affiliate of Crypto.com. Additionally, another company subsidiary, Foris DAX FCM LLC, is now approved as a Futures Commission Merchant (FCM) by the National Futures Association (NFA). This will enable Crypto.com to serve as an intermediary for customers and institutions across the derivatives market.
These changes will position Crypto.com to launch a fully regulated, leveraged derivatives platform. These opportunities will be available to both retail and institutional clients in the US market.
“With our amended order, we will be able to deliver cleared margined derivatives, including crypto perpetuals, to our customers," Steve Humenik, Head of Clearing for CDNA, said in a press release.
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This licensing process was three years in the making
Initially, CDNA filed its request to amend its DCO order on June 7, 2024. Discussions of the process began with CFTC staff in 2023. CDNA provided extensive documentation and performed multiple demonstrations of its trading and clearing systems, which required review by CFTC staff.
Foris DAX FCM, LLC filed its FCM application on April 13, 2022. The FCM also provided extensive documentation and performed demos with NFA Staff.
“We acquired a CFTC-registered clearinghouse in order to advance our mission to be the most regulated financial services platform in the world," Nick Lundgren, Chief Legal Officer of Crypto.com, said in a statement.
The long-range objective of Crypto.com is to become a full-service derivatives platform.
“The full stack of CFTC-approved derivatives licenses allows Crypto.com to seamlessly provide clients with the most comprehensive and integrated derivatives experience," Kris Marszalek, Co-Founder and CEO of Crypto.com, said in a statement.
Crypto.com’s additional product offerings include spot markets, prediction markets, stocks, qualified custody, and crypto credit and debit cards.”
CDNA will announce further details on its new suite of margined products soon.
“CDNA has been building a robust clearinghouse for multiple products, and we are excited to head toward the launch of our margined derivatives using state-of-the-art technology focused on best-in-class risk management,” Travis McGhee, Managing Director, Global Head of Capital Markets of Crypto.com, said in a press release.
Crypto.com was the first to offer sports event contracts in the US market
In December 2024, Crypto.com became the first company to provide American players the opportunity to participate in sports event trading services. The success that Crypto.com subsidiary CDNA had in handling similar trades on the November 2024 US election is what spawned the concept for expanding to offer sports event trading services.
A Singapore-based company, Crypto.com, was first launched in 2016 with an objective of accelerating the world’s transition to cryptocurrency. Their goal is to put crypto into everyone’s wallet. Worldwide, they boast of 100 million customers in 90 different countries.
Operating as a crypto exchange, they buy and sell over 350 different types of cryptocurrency. Users can store cryptocurrency with them, acquire and sell NFTs, and even get a crypto Visa card from them. The company has gained a reputation as one of the safest and most trusted crypto traders in the marketplace.
All Crypto.com financial transactions are based in cryptocurrency. They offer a crypto exchange program. This enables customers to make trades in US dollars and then exchange the fiat cash for crypto. Payments on winning trades are made in US dollars and are paid out the day after the event is resolved.
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