Crypto.com announced on September 26, 2025 that it has obtained key approvals from the U.S. Commodity Futures Trading Commission (CFTC) for margined derivatives.
This development positions the Singapore-based exchange as a frontrunner in delivering compliant, leveraged trading products to American users, amid a broader push for regulatory clarity under the Trump administration.
The approvals cover critical entities under Crypto.com’s umbrella.
First, Crypto.com Derivatives North America (CDNA), its U.S.-based clearinghouse, received an amendment to its existing Derivatives Clearing Organization (DCO) license.
This upgrade allows CDNA to offer cleared margined derivatives on cryptocurrencies and other asset classes, expanding beyond its current fully collateralized offerings in prediction markets.
Second, Foris DAX FCM LLC, operating as Crypto.com FCM, has been greenlit as a Futures Commission Merchant (FCM) by the National Futures Association (NFA).
As an FCM, it will act as an intermediary, facilitating access for retail and institutional clients across the derivatives ecosystem.
These licenses enable Crypto.com to introduce regulated perpetual futures contracts—commonly known as “crypto perps”—which allow traders to speculate on asset prices with leverage, without expiration dates.
Previously, U.S. users faced fragmented options for such products, often relying on offshore platforms with limited oversight.
Now, Crypto.com can integrate these tools into its app and exchange, alongside spot trading, prediction markets, stock offerings, qualified custody, and even credit/debit cards.
The company plans to roll out these margined products imminently, with further details forthcoming.
Kris Marszalek, Crypto.com’s Co-Founder and CEO, said,
“The full stack of CFTC-approved derivatives licenses allows Crypto.com to seamlessly provide clients with the most comprehensive and integrated derivatives experience.”
He credited Acting Chairman Caroline D. Pham and the CFTC for advancing President Trump’s crypto agenda, adding,
“We will soon bring regulated, leveraged derivatives to retail customers in the U.S. through one interface.”
This underscores the political momentum behind crypto innovation, with Pham’s leadership credited for expediting approvals that had stalled for years.
The journey to these licenses was methodical. CDNA initiated discussions with CFTC staff in 2023 and formally requested the DCO amendment on June 7, 2024.
Foris DAX FCM filed its application as early as April 13, 2022, demonstrating Crypto.com’s long-term commitment to U.S. compliance.
The exchange also holds licenses across multiple jurisdictions, including from the SEC and state-level authorities, bolstering its reputation for security and privacy.
For users, the implications are potentially significant.
Retail traders gain access to sophisticated tools previously gated by geography or regulation, all within a single, trusted platform.
Institutions benefit from clearing and intermediation, reducing counterparty risks in volatile markets.
As crypto adoption surges—Bitcoin recently hit new highs post-election—this could drive liquidity and innovation, potentially onboarding millions more Americans.
The approvals signal the CFTC‘s willingness to embrace crypto under pro-innovation leadership, contrasting with past enforcement-heavy approaches.
Competitors like CME Group and Coinbase may accelerate their own derivatives pushes, fostering a more mature U.S. market.
Yet challenges remain: ensuring equitable access amid leverage’s inherent risks and navigating ongoing SEC-CFTC jurisdictional overlaps.
Crypto.com’s move reinforces its evolution from an exchange to a full-spectrum financial hub.
Claiming over 100 million users globally, it’s seemingly positioned to capitalize on this regulatory tailwind.
As Marszalek put it, this is about integration—not just trading, but a holistic ecosystem.