Crypto.com First Major Platform with Full CFTC Derivatives Licensing

Crypto.com has secured a full suite of U.S. Commodity Futures Trading Commission (CFTC) derivatives licenses, positioning it as the first major cryptocurrency platform globally to hold Futures Commission Merchant (FCM), Designated Contract Market (DCM), and Derivatives Clearing Organization (DCO) authorizations in the United StatesCrypto.com Obtains CFTC Margined Derivatives Licenses^[1]. These approvals enable the firm to offer margined derivatives on cryptocurrencies and other asset classes, expanding its existing capabilities to provide fully collateralized derivatives through prediction marketsCrypto.com Wins CFTC Approval to Offer Margined Crypto …^[2]. The move marks a significant regulatory milestone, allowing Crypto.com to operate as a fully integrated derivatives exchange, clearinghouse, and intermediary under U.S. oversightCrypto.com Granted Full Set of CFTC Derivative Licenses for U.S.^[3].

The licenses were obtained through Crypto.com's U.S. affiliate, Crypto.com Derivatives North America (CDNA), a CFTC-registered entity. CDNA filed for an amended DCM license in May 2024, submitting extensive documentation and conducting multiple trading demonstrations for CFTC reviewCrypto.com Becomes First Major Crypto Platform to Obtain a Full …^[4]. Simultaneously, Foris DAX FCM LLC, operating as Crypto.com | FCM, was approved as a Futures Commission Merchant by the National Futures Association (NFA), enabling the platform to act as an intermediary for both retail and institutional clientsCrypto.com Secures Full CFTC Derivatives Stack - FinanceFeeds^[5]. The approvals, announced on September 26, 2025, follow years of regulatory engagement with the CFTC and NFA, with discussions dating back to 2023Crypto.com Makes History with Full CFTC Derivatives Licenses^[6].

Kris Marszalek, Co-Founder and CEO of Crypto.com, emphasized the significance of the licenses, stating they allow the firm to deliver a "comprehensive derivatives experience" alongside its existing services, including spot trading, custody, and debit/credit cardsCrypto.com Secures U.S. Licences for Derivatives Trading and …^[7]. Steve Humenik, Head of Clearing for CDNA, credited Acting CFTC Chair Caroline Pham for accelerating the process, calling the approvals a step toward making the U.S. "the crypto capital of the world". Travis McGhee, Global Head of Capital Markets, highlighted the use of "state-of-the-art technology" for risk management in the new derivatives offerings.

The approvals align with broader regulatory shifts in the U.S. crypto landscape, where institutional-grade derivatives markets represent over 70% of global crypto trading volume. By securing full-stack CFTC licensing, Crypto.com distinguishes itself from peers like Coinbase and Kraken, which have yet to achieve a vertically integrated model. The firm's strategy of acquiring a dormant CFTC-registered entity and retrofitting it with advanced infrastructure has enabled it to outpace competitors in regulatory readiness. Analysts note that the move provides legal clarity for U.S. retail access to leveraged products, a gap previously exploited by offshore platforms.

Crypto.com plans to launch its margined derivatives suite soon, with initial offerings likely targeting sophisticated investors or institutional clients due to the complexity of U.S. regulatory requirements. The platform also aims to expand beyond crypto, supporting commodities and indices through the same infrastructure, reflecting a trend of convergence between traditional finance (TradFi) and decentralized finance (DeFi). Acting CFTC Chair Pham's leadership in finalizing the approvals has been praised by the firm, which views the CFTC's post-FTX regulatory tightening as a catalyst for innovation within a compliant framework.

The milestone underscores Crypto.com's ambition to become the "most regulated financial services platform in the world," as reiterated by Chief Legal Officer Nick Lundgren. With the CFTC's focus on aligning oversight across asset classes, the firm's full-stack approach could set a precedent for other crypto platforms seeking U.S. market access. While challenges remain, including managing risk in leveraged derivatives and navigating asset recovery complexities, the approvals position Crypto.com to capitalize on growing demand for regulated crypto trading in the U.S.