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Bitnomial receives CFTC nod for derivatives clearing in US

bitnomial-receives-cftc-nod-for-derivatives-clearing-in-us
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Bitnomial receives CFTC nod for derivatives clearing in US

Crypto derivatives firm Bitnomial has received approval from the Commodity Futures Trading Commission to register as a derivatives clearing organization in the U.S., enabling it to settle margined futures and options contracts.

The approval, secured by a four-to-one vote at the December open meeting of the CFTC, establishes Bitnomial as the first crypto-native exchange in the U.S. to acquire a full range of licenses for derivatives exchange, clearinghouse, and brokerage.

In a Dec. 13 press release, the company highlighted its position as the sole exchange in the U.S. offering margined, physically delivered digital asset derivatives.

This offering enables customers to obtain actual ownership of digital assets on a leveraged basis, a shift from the typical cash settlement approach.

The acquisition of the derivatives clearing organization (DCO) license completes Bitnomial’s regulatory framework, complementing its existing exchange (DCM) and brokerage (FCM) licenses.

Luke Hoersten, the founder and CEO of Bitnomial, shared the company’s ambitions to establish a globally regulated derivative trading platform in the U.S., aiming to transition from traditional U.S. dollar and Treasury margin collateral to digital assets.

“Now that the licensing process is complete, we can shift our focus to expanding Bitnomial’s product offering and customer base.”

Luke Hoersten, founder and CEO of Bitnomial

The approval by the CFTC is also seen as a positive development for the cryptocurrency industry, which has recently faced multiple challenges and scrutiny. The White House and various regulators have raised concerns about vertical integration within the crypto sector, citing potential conflicts of interest.

Binance, the world’s largest crypto exchange, agreed in November to pay over $4.3 billion to settle charges in the U.S. for violating laws aimed at preventing illegal financial activities. Changpeng Zhao, its former CEO, is currently facing a potential prison. While in November, a jury found FTX founder Sam Bankman-Fried guilty of fraud.