Crypto.com has achieved a regulatory breakthrough in the United States, becoming the first major global cryptocurrency platform to secure the full suite of licences from the Commodity Futures Trading Commission (CFTC). The milestone, confirmed on 30 September 2025, grants its affiliate, Crypto.com | Derivatives North America (CDNA), the ability to offer margined derivatives directly to both retail and institutional clients in America.
The approval covers three pillars of the CFTC’s derivatives framework: Futures Commission Merchant (FCM), Derivatives Clearing Organisation (DCO), and Designated Contract Market (DCM). Together, these licences allow Crypto.com to operate as an exchange, clear trades internally, and act as a brokerage intermediary, placing it on a par with long-established players in traditional finance such as the CME Group.
This marks the first time a global crypto-native firm has obtained such status in the U.S., setting the stage for regulated access to perpetual futures and other leveraged products that have previously been confined to offshore markets.
Why the milestone matters
The development comes as the U.S. increasingly positions itself as a potential hub for regulated digital asset trading. Globally, derivatives account for more than 70 per cent of total cryptocurrency trading volumes. For years, however, American retail and institutional traders have had limited access to such products under a regulated umbrella.
With the CFTC’s green light, Crypto.com can now offer margined perpetual futures, products that allow traders to speculate on price movements without expiry dates, to U.S. customers. These contracts are widely viewed as a cornerstone of global liquidity in the crypto sector, but their absence in the American market has left a gap that only offshore players could fill.
Crypto.com’s fully integrated stack provides the legal clarity needed to bridge that gap. By combining the DCM, DCO, and FCM licences, CDNA can create a vertically integrated derivatives platform. This is a significant step forward in building institutional-grade infrastructure within the crypto ecosystem, something that regulators and market participants alike have been calling for since the collapse of FTX highlighted the risks of unregulated offshore trading venues.
Setting itself apart from rivals
The move puts Crypto.com ahead of its U.S. and global competitors in terms of regulatory scope. Coinbase, for example, entered the futures market in 2022 through its acquisition of FairX. Yet, while Coinbase offers access to derivatives, it does not operate a fully integrated model spanning exchange, clearing, and brokerage functions.
Kraken, meanwhile, acquired Crypto Facilities in 2019 and later secured certain CFTC approvals, but it too falls short of the “full stack” that Crypto.com now holds. Binance, once the world’s largest crypto exchange by volume, remains effectively locked out of the regulated U.S. derivatives space due to regulatory challenges.
Crypto.com’s approach has been more strategic. By acquiring a dormant CFTC-registered entity and rebuilding its technology and risk infrastructure, the company was able to fast-track its regulatory journey. Travis McGhee, Global Head of Capital Markets at Crypto.com, described CDNA as now equipped with “state-of-the-art clearing and risk management systems” tailored to margined products.
What comes next for Crypto.com
While CDNA has not yet launched its margined derivatives products, the firm has signalled an imminent rollout. In the short term, it is expected to focus on onboarding sophisticated investors and institutional desks, given the complex compliance requirements tied to U.S. retail participation in leveraged trading.
Over time, the infrastructure may expand beyond cryptocurrencies, opening the door to trading instruments linked to commodities, indices, and other financial assets. This would further blur the lines between traditional finance and decentralised finance, especially as the U.S. government, under President Donald Trump’s administration, pursues more pro-crypto policies via the CFTC.
The approval also comes against a backdrop of heightened regulatory scrutiny. Following the high-profile collapse of FTX in 2022, regulators have tightened oversight and pushed exchanges towards U.S.-based, transparent frameworks. Acting CFTC Chair Caroline Pham, who led the final review of Crypto.com’s DCM amendment, was singled out for praise by the company for expediting applications that had been long pending.
Challenges and open questions
Despite the landmark approval, questions remain over how effectively CDNA can manage the risks inherent in leveraged derivatives trading, particularly in such a volatile asset class. While the CFTC framework allows CDNA to impose account holds and monitor inflows, the recovery of assets in cases of fraud or default will still rely heavily on cooperation with law enforcement.
Moreover, retail investor protection will be a key concern. U.S. regulators have historically been wary of exposing unsophisticated traders to high-risk margined products. How Crypto.com navigates these restrictions while expanding its user base will be closely watched.
Nonetheless, the achievement represents a turning point for both the company and the broader market. With full CFTC licensing in hand, Crypto.com has positioned itself as a bridge between the innovation of digital assets and the discipline of traditional financial infrastructure. If successful, it could set the template for how crypto derivatives are regulated and offered in one of the world’s most critical financial markets.
