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FollowingAccording to Fox Business Channel reporter Eleanor Tret, Binance.US plans to apply for a Designated Contract Market (DCM) license from the U.S. Commodity Futures Trading Commission (CFTC) to launch a forecasting market. CEO Stephen Gregory (online nickname "Stevie Satoshi") revealed the plan at the RareEvo conference in Las Vegas.
Why Gregory's remarks are crucial to Binance.US
The timetable confirmed by the spokesperson to reporters does not replace the CFTC's formal case filing process, and on-site speaking is not an agency policy. As of press time, the CFTC has not publicly confirmed receipt of Binance.US. DCM application. Gregory, who took over as CEO in March this year, previously held compliance positions at Gemini and CEX.io, publicly emphasized the importance of regulatory compliance and expanding Binance.US's product range.
Publicly announced intentions to apply should not be interpreted as confirmation that the application has been submitted. The plan remains in the outlook stage until documents appear in the CFTC's public records or is confirmed by the agency.
Comparison of Gregory's remarks with public records
Currently, only Gregory's speech to Eleanor Tret at the venue and the August application schedule subsequently confirmed by the spokesperson are in the public records. Whether these remarks will eventually translate into formal CFTC applications, and how any future forecast market products will be liquidated, are independent questions that were not answered by the disclosure. See the FAQ below for liquidation questions.
Current status and background of Binance.US
Gregory succeeded Norman Reid as CEO on March 9. By April, he had publicly proposed a strategy of "moving beyond spot trading" and set a public goal of regaining approximately 20% of Binance.US's pre-2023 U.S. market share by mid-July. The DCM plan, disclosed on July 29, is the first specific regulatory step in the strategy.
Binance's recent messaging has always focused on adapting to the changing regulatory environment, from discussing MiCA's impact on European users to outlining Binance.US's recovery strategy in the United States.
It is reported that plans to apply for a CFTC Designated Contract Market (DCM) license to launch a forecast market are in line with CEO Stephen Gregory's overall efforts to expand the range of regulated Binance.US products while expanding its share of the U.S. cryptocurrency market.
This DCM plan is part of Binance.US's expansion beyond spot cryptocurrency trading and its pursuit of more regulated products in the U.S. market. Whether these plans can move forward will depend on regulatory approval and future submission of relevant documents.
FAQs
1. Will the DCM license allow Binance.US to immediately launch market prediction?
DCM designations are usually authorized to operate designated contract markets. Depending on product structure, additional regulatory approvals or clearing arrangements may be required. Binance.US has not provided any details on how the market will liquidate in the future.
2. What can confirm that the application has indeed been submitted?
Binance.US itself appears on the CFTC's "Designated Contract Market Industry Declaration List"(the public list is also reviewed for this article).
