Binance.US Seeks CFTC Approval for Prediction Markets

Binance.US is planning to apply for a Designated Contract Market (DCM) license from the Commodity Futures Trading Commission (CFTC) in August. This move is part of its 'comeback strategy' and aims to offer prediction markets, which have been gaining popularity.

The exchange's push into prediction markets comes as other crypto platforms, such as Coinbase and Gemini, are also racing to get a slice of the market. Prediction markets volume hit a record $46B in June and has since increased to nearly $50B in July.

Robinhood has already seen significant revenue from its event contracts segment, which accounts for 20% of its total transaction revenue in Q2. The company made $156M in revenue from prediction markets in Q2, a 50% increase on a quarterly basis.