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Binance.US plans CFTC license bid to launch prediction markets
The exchange’s CEO said the application would be filed for a DCM with the CFTC sometime in August.
Binance.US plans to pursue US Commodity Futures Trading Commission approval to offer prediction markets, its CEO said at the Rare Evo blockchain conference on Wednesday, adding that the exchange will apply for a Designated Contract Market, or DCM.
According to Cointelegraph, the goal of a CFTC DCM license is to allow Binance.US to launch its own prediction market offering, potentially setting up competition for platforms such as Kalshi and Polymarket.
The CEO said the DCM application would be submitted in August. Under CFTC rules, DCMs may trade futures or option contracts tied to an underlying commodity, index, or instrument, and applicants must comply with 23 core principles including system safeguards, record keeping, and conflict-of-interest controls.
As of Wednesday, Cointelegraph reports the CFTC had no records showing Binance.US had a pending DCM application, and the planned bid comes more than a year after the SEC dismissed its lawsuit against Binance, its US unit, and former Binance CEO Changpeng Zhao over allegations that included misuse of customer funds.