What happened? Crypto.com got approval to offer margined derivatives in the U.S.
Crypto.com’s affiliate CDNA received an amended DCO license from the CFTC to clear margined derivatives, and its U.S. FCM got NFA approval so the firm can act as a futures commission merchant. This expands their offerings from fully collateralized prediction markets to regulated leveraged crypto and other asset derivatives. The approvals came after multi-year reviews and technical checks, clearing the way for a U.S.-regulated leveraged derivatives platform.
Who does this affect? U.S. retail and institutional traders, competitors, and market infrastructure.
U.S. retail traders will soon have regulated access to leveraged crypto derivatives through Crypto.com’s platform, and institutional clients gain another regulated counterparty for cleared trading. Competing exchanges, brokers, and clearinghouses face more competition and may need to upgrade compliance and clearing systems. Regulators and advisory committees also become more central as oversight and market rules evolve around these products.
Why does this matter? It could boost liquidity, draw institutional capital, and reshape the crypto derivatives market.
Cleared, regulated margined derivatives on a U.S. platform can increase liquidity and narrow spreads, making markets more efficient and attractive to large, compliance-focused investors. More retail access to leveraged products may raise trading volumes and short-term volatility while forcing rivals to pursue similar approvals to stay competitive. Overall, this signals growing regulatory acceptance of crypto derivatives and could shift market share toward firms that combine product depth with strong compliance.