Overview

• The Division of Market Oversight said the FBOT registration pathway applies to traditional derivatives and digital-asset markets and largely reiterates longstanding rules.
• Registered FBOTs may offer direct electronic access to eligible U.S. participants, with all trades required to clear through CFTC-registered firms or permitted exemptions under Regulation 30.10.
• To qualify, foreign venues must show comparable home-jurisdiction supervision, enter information-sharing arrangements with U.S. regulators, and remain legally organized outside the United States.
• The clarification responds to rising inquiries and confusion over whether offshore platforms must register as U.S. designated contract markets, providing a defined route without changing policy.
• Offshore exchanges such as Binance, Bybit and OKX could seek FBOT status to reenter U.S. markets if they meet the conditions, with Acting Chair Caroline Pham portraying the step as part of the CFTC’s crypto sprint.