- Binance.US will apply for a Designated Contract Market (DCM) license from the CFTC in August.
- The license would allow the exchange to launch its own prediction markets, competing with platforms like Kalshi and Polymarket.
- A DCM license permits the trading of futures or options on any underlying commodity, index, or instrument.
Binance.US CEO Steve Gregory announced at the Rare Evo blockchain conference on Wednesday that the exchange will apply for a Designated Contract Market (DCM) license with the CFTC in August to offer prediction market services. This move positions the US-based crypto exchange to directly challenge established platforms like Kalshi and Polymarket.
Under CFTC guidelines, DCMs can legally trade “futures or option contracts based on any underlying commodity, index or instrument.” Consequently, companies seeking this license must comply with 23 core principles from the agency, including system safeguards and record keeping. Gregory stated that the license is the key to launching the company’s own prediction market.
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