Binance.US plans CFTC application in prediction market expansion

Binance.US plans to apply for a designated contract market license from the Commodity Futures Trading Commission next month as the exchange prepares to expand into prediction markets. Chief executive Stephen Gregory disclosed the plan Wednesday during the Rare Evo conference in Las Vegas, according to Bloomberg, citing a Binance.US spokesperson. Receiving designated contract market status would allow Binance.US to operate a derivatives exchange under CFTC oversight and potentially list event contracts for retail customers. A designated contract market is a federally regulated exchange that can offer futures, options, and other derivative contracts. Applicants must satisfy CFTC requirements covering market surveillance, customer protection, financial resources, and safeguards against manipulation. Binance.US has not yet appeared on the CFTC’s public list of pending designated contract market applications, consistent with Gregory’s statement that the filing is planned for next month. Approval is not guaranteed and the company has not disclosed a timeline for launching any products. The planned application advances a broader comeback strategy centered on lower trading fees and an expa...