Binance.US Targets Prediction Markets with August Filing
Binance.US, the US arm of the world's largest cryptocurrency exchange, is reportedly planning to file for regulatory approval in August to operate prediction markets. The company aims to obtain Designated Contract Market (DCM) status from the Commodity Futures Trading Commission (CFTC). This would allow Binance.US to offer yes/no event contracts in the US.
According to CEO Stephen Gregory, the move is part of an effort to expand into new areas. The company currently offers event contracts through a partnership with Predict.fun on the BNB Smart Chain. By market capitalization, BNB is the fourth-largest digital currency globally.
The entry of Binance.US into prediction markets could be significant, given its parent company's resources and market share. However, the company still faces regulatory hurdles, including restrictions in 16 US states and territories, as well as a $4.3 billion fine for violating US anti-money laundering laws.