Crypto.com Secures Full CFTC Derivatives Stack
What just happened: A U.S. regulatory milestone
Crypto.com has become the first major global crypto platform to acquire the full stack of U.S. Commodity Futures Trading Commission (CFTC) derivatives licenses—namely, FCM (Futures Commission Merchant), DCO (Derivatives Clearing Organization), and DCM (Designated Contract Market).
The final approval, an amendment to its DCM license, allows Crypto.com | Derivatives North America (CDNA)—a CFTC-registered affiliate—to offer margined crypto derivatives directly to U.S. clients. This builds on CDNA’s prior approval to run fully collateralized derivatives via prediction markets.
The announcement, made on September 30, 2025, positions Crypto.com to offer perpetual futures and other margin-based instruments to both institutional and retail investors under a unified regulatory framework.
Investor Takeaway
Why does this matter for the U.S. crypto market?
This development comes as the U.S. gears up to become a hub for regulated crypto trading. With crypto derivatives representing over 70% of total crypto trading volume globally, full-stack licensing provides a clear path for institutional-grade offerings in America.
Crypto.com now has legal clarity to onboard U.S. retail traders for leveraged products—something that has eluded even top-tier platforms like Coinbase, Binance US, and Kraken. Margined perpetuals, which allow traders to bet on crypto prices without expiration dates, are a major liquidity driver. Historically, these have been offered only offshore.
By achieving FCM, DCM, and DCO status, an platform (DCM), , mimicking traditional CME-style infrastructure—just for crypto.
How does this compare to other crypto platforms?
While several platforms offer derivatives globally, few have cracked the U.S. market under CFTC scrutiny. Coinbase, for instance, has only recently ventured into the futures space with its FairX acquisition, but it lacks a full vertically integrated model like Crypto.com now offers.
Binance faced regulatory pushback and remains locked out of the regulated U.S. derivatives space. Kraken recently obtained a futures license via its acquisition of Crypto Facilities but hasn’t achieved full-stack status.
Crypto.com’s approach—acquiring a dormant CFTC-registered entity and retrofitting it with advanced risk infrastructure—has positioned it ahead of the curve. According to Travis McGhee, Global Head of Capital Markets, CDNA now boasts state-of-the-art technology for clearing and managing risk for margined products.
Investor Takeaway
What’s next for Crypto.com and regulated derivatives?
CDNA has not yet launched its margined products but indicated a near-term rollout. Given the complexity of onboarding retail users under U.S. rules, initial offerings may target sophisticated investors or institutional desks.
The platform will likely expand beyond crypto, with plans to support additional asset classes like commodities and indices through the identical infrastructure. This aligns with a broader trend of blurring lines between TradFi and DeFi—especially as President Trump’s administration pushes pro-crypto policies via the CFTC.
Crypto.com’s recent approvals also reflect a tightening of regulatory standards post-FTX collapse. Rather than operating offshore, platforms are now pressured to embrace U.S. frameworks. Acting CFTC Chair Caroline Pham, who led the final review, was praised by the Crypto.com team for moving long-pending applications forward.
Still, questions remain. While CDNA can place holds on accounts and monitor inflows, asset recovery depends on cooperation with law enforcement. Also, managing risk in leveraged derivatives remains a major test, especially with volatile assets like crypto.
