Binance.US Seeks CFTC Approval for Prediction Markets Expansion

Binance.US is reportedly planning to apply for a Designated Contract Market (DCM) license from the CFTC, according to CEO Stephen Gregory. The move is part of the exchange's broader effort to expand its regulated offerings and pursue a larger share of the US crypto market.

Gregory made the announcement at the RareEvo conference in Las Vegas, where he revealed that Binance.US plans to apply for the DCM license next month. This would allow the exchange to launch prediction markets for customers.

The plan is part of Gregory's broader strategy to expand beyond spot trading and pursue additional regulated products in the US market. Binance.US has been working to regain its market share, which was around 20% before 2023.

However, it's worth noting that an announced intention to apply for a DCM license does not confirm that an application has been submitted. The CFTC has not publicly acknowledged receiving a DCM application from Binance.US.