SGX Seeks U.S. Approval for Bitcoin, Ether Perpetual Futures

SGX (Singapore Exchange) has taken its first step to expand into the U.S. market by applying to offer Bitcoin and Ether perpetual futures to American institutional investors.

The exchange submitted an application to the CFTC (Commodity Futures Trading Commission) last month, which allows it to sell contracts to U.S. institutions if no objection is raised within 10 days.

Perpetual futures are derivatives with no expiration date, allowing investors to place leveraged bets on crypto price direction without maturity constraints.

SGX's head of crypto derivatives, KC Lam, stated that the exchange targets professional investors and accredited clients who don't trade on weekends due to their 22.5-hour trading schedule.