article Crypto.com Secures CFTC Green Light to Offer Leveraged Crypto Derivatives in the U.S.

Crypto.com has achieved a major regulatory breakthrough in the United States after receiving approval from the Commodity Futures Trading Commission (CFTC) to offer margined crypto derivatives through its U.S. affiliate, Crypto.com | Derivatives North America (CDNA).

The decision grants CDNA an amended Derivatives Clearing Organization (DCO) license, allowing it to expand beyond fully collateralized products into cleared, leveraged derivatives across cryptocurrencies and other asset classes. This marks a crucial milestone in Crypto.com’s plan to build a comprehensive, regulated derivatives ecosystem for both institutional and retail traders in the U.S.

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Key Points

• CFTC approval enables CDNA to provide cleared, margined crypto derivatives.

• Crypto.com | FCM, the company’s U.S. futures arm, is now a registered Futures Commission Merchant (FCM) under the National Futures Association (NFA).

• These licenses allow Crypto.com to operate a fully compliant, leveraged trading platform for American customers.

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Details of the Approval

According to Crypto.com’s official statement, CDNA — already recognized as a CFTC-registered exchange and clearinghouse — has now received an updated DCO license that broadens its operational scope. This enables the platform to clear margined derivatives not just in crypto markets but across multiple asset types.

Previously, the company’s authorization was limited to fully collateralized products, often used in prediction markets and other non-leveraged applications.

In a parallel development, Foris DAX FCM LLC, operating as Crypto.com | FCM, received NFA approval as a Futures Commission Merchant. This designation allows the platform to facilitate trades for both retail and institutional clients within U.S. derivatives markets.

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Executive Commentary

Crypto.com CEO and co-founder Kris Marszalek called the move a “significant step forward” in offering regulated leveraged derivatives to American traders under U.S. oversight.

He also acknowledged the role of Acting CFTC Chair Caroline Pham, thanking her and the CFTC for what he described as a “collaborative and transparent regulatory process.”

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The Path to Approval

Crypto.com’s amended DCO application was initially filed in June 2024 after discussions with CFTC staff that began the previous year. The review process included detailed technical demonstrations of CDNA’s clearing systems and risk controls.

Meanwhile, the FCM registration process started earlier in April 2022, undergoing a similar in-depth evaluation by NFA officials before final approval.

According to Steve Humenik, Head of Clearing at CDNA, the achievement highlights the agency’s dedication to advancing the crypto market within a structured regulatory framework.

Nick Lundgren, Crypto.com’s Chief Legal Officer, emphasized that this milestone reflects the company’s broader mission to become “the most regulated financial services platform in the world.”

Travis McGhee, Global Head of Capital Markets, added that CDNA is now developing a next-generation clearinghouse built for scale, transparency, and robust risk management.

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CFTC Expands Its Digital Asset Oversight

In a related development, the CFTC has broadened its engagement with the crypto industry by appointing new members to its Global Markets Advisory Committee (GMAC) and Digital Asset Markets Subcommittee (DAMS).

The new appointees include:

• Katherine Minarik (Uniswap Labs)

• Avery Ching (Aptos Labs)

• James J. Hill (BNY)

• Ben Sherwin (Chainlink Labs)

These individuals bring experience in blockchain infrastructure, legal policy, and institutional crypto strategy.

Additionally, Scott Lucas of JPMorgan will now co-chair the committee alongside Sandy Kaul of Franklin Templeton, succeeding Caroline Butler.

Lucas underscored the need for “clear, effective regulatory frameworks,” while Kaul stressed that consumer protection must remain central to the CFTC’s approach.

The DAMS committee continues to advise the regulator on key issues like tokenization, decentralized finance (DeFi), and blockchain adoption, helping ensure consistent oversight across traditional and digital financial markets.

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Summary

• Crypto.com’s U.S. arm wins CFTC and NFA approval to offer margined derivatives.

• Marks the first major step toward a regulated leveraged crypto platform in the U.S.

• CDNA and Crypto.com | FCM cleared for full-scale trading operations under federal oversight.

• The move aligns with the CFTC’s broader push to modernize digital asset policy.