SGX Wins CFTC Approval, Paving Way for U.S. Institutions to Trade Bitcoin and Ethereum Futures

The Singapore Exchange (SGX) has secured approval from the U.S. Commodity Futures Trading Commission (CFTC) to allow American institutions direct access to its Bitcoin and Ethereum perpetual futures contracts.

This green light comes under Regulation 48.10, a CFTC framework that allows recognized foreign exchanges to open their order books to U.S. participants without setting up a separate U.S. exchange.

SGX launched its BTP (Bitcoin) and ETP (Ethereum) perpetual futures in late November 2025, with the contracts already recording $5.8 billion in cumulative traded volume since then.

U.S. clearing members are expected to begin onboarding clients within the next one to two months, with SGX's head of crypto derivatives KC Lam calling the approval an 'important milestone' that bridges U.S. TradFi desks with Asian liquidity pools and legitimizes crypto derivatives as a regulated asset class.