Crypto.com has achieved a regulatory milestone by becoming the first major global crypto exchange to secure the complete suite of derivatives licences from the US Commodity Futures Trading Commission (CFTC). On 30 September 2025, the platform confirmed that its affiliate, Crypto.com | Derivatives North America (CDNA), had obtained the final approval required, an amendment to its Designated Contract Market (DCM) licence.
This means CDNA now holds the trio of CFTC licences: Futures Commission Merchant (FCM), Derivatives Clearing Organisation (DCO), and Designated Contract Market (DCM). Together, they allow the platform to act as an exchange, a clearing house, and a brokerage, creating a vertically integrated infrastructure similar to the CME Group, but focused on crypto assets.
For the US market, where regulatory uncertainty has long stifled derivatives trading, this development marks a pivotal moment.
Why This Matters for the US Crypto Landscape
Crypto derivatives account for over 70% of total global crypto trading volumes, largely driven by perpetual futures contracts. These products, which enable traders to speculate on asset prices without expiry dates, have historically thrived offshore due to the absence of clear regulatory pathways in the US.
With its full-stack approval, Crypto.com now has the legal clarity to bring margined perpetuals and other leveraged products to American clients. This is particularly significant as retail traders in the US have had no access to properly regulated margin derivatives.
Institutional investors, too, will find value in CDNA’s vertically integrated model. By handling exchange operations, clearing, and brokerage in-house, Crypto.com can offer tighter risk management and greater efficiency than fragmented competitors. According to Travis McGhee, the firm’s Global Head of Capital Markets, CDNA has been outfitted with state-of-the-art technology to manage margin, collateral, and clearing risk, key concerns in a market still haunted by the collapse of FTX.
How It Compares to Rival Platforms
The CFTC’s green light puts Crypto.com ahead of some of the industry’s biggest names.
- Coinbase: While Coinbase has gained traction in the futures market following its acquisition of FairX, it does not yet offer a fully vertically integrated derivatives operation.
- Kraken: The exchange secured a futures licence through its purchase of Crypto Facilities but has not reached full-stack CFTC approval.
- Binance: Once the world’s largest crypto derivatives exchange, Binance has faced consistent regulatory pushback in the US and remains locked out of the American derivatives sector.
Crypto.com’s strategy, acquiring a dormant CFTC-registered entity and rebuilding its infrastructure to modern standards has set it apart. This careful retrofitting of a legacy licence has allowed the company to leapfrog rivals while staying compliant with evolving post-FTX rules.
What Comes Next for Crypto.com
Although CDNA has not yet launched its margined products, the company has signalled an imminent rollout. Initial offerings are expected to target institutional clients and sophisticated traders, as onboarding retail users requires a more rigorous compliance framework under CFTC rules.
Beyond crypto assets, Crypto.com has hinted at ambitions to expand into additional asset classes, including commodities and indices, using the same clearing and market infrastructure. This reflects the growing convergence of traditional finance (TradFi) and decentralised finance (DeFi), a trend accelerated by regulatory pressure and investor demand for hybrid products.
Acting CFTC Chair Caroline Pham
The timing is notable. The current administration in Washington, led by President Trump, has adopted a pro-crypto stance, pushing the CFTC to advance applications that had been stalled for years. Acting CFTC Chair Caroline Pham, who oversaw the final approval, has been credited by Crypto.com’s leadership for breaking the logjam and creating a workable path forward for the derivatives market.
Challenges and Open Questions
Despite the landmark approval, significant challenges remain. Leveraged derivatives require robust safeguards, particularly given the volatility of digital assets. CDNA will need to demonstrate that its margining, liquidation, and collateral systems can withstand market shocks.
There are also questions around consumer protection. While CDNA has the authority to monitor inflows and impose account holds, actual recovery of funds in cases of fraud or hacking will still depend on law enforcement cooperation. Balancing innovation with safety will be a constant test.
Nevertheless, by choosing to operate under the CFTC’s stringent framework rather than offshore, Crypto.com has positioned itself as a long-term player in America’s regulated markets. If successful, it could redefine how crypto derivatives are traded in the US, finally giving both retail and institutional investors access to the same products that dominate global markets.
A Turning Point for US Crypto Derivatives
Crypto.com’s approval of FCM, DCO, and DCM licences is not just a win for the company, it is a turning point for the broader crypto industry in the United States. For years, the lack of clear regulation has forced traders offshore and stifled innovation domestically.
Now, with full-stack CFTC approval, a path exists for regulated, institutional-grade crypto derivatives within the world’s largest capital market. As CDNA prepares to launch its first margined products, the stage is set for the US to become a major hub in a segment that has so far eluded it.
