Overview

• CEO Star Xu said CFTC enforcement, citing the 2023 Deridex case, was a key factor in holding back the mainnet debut.
• The exchange’s Web3 team built and tested the decentralized perpetuals platform starting in 2023 but chose not to release it.
• Past CFTC actions against Deridex, Opyn and ZeroEx over unregistered derivatives and leveraged retail transactions reinforced the compliance risk.
• The company says it is tracking policy developments and could adjust its plans if regulatory clarity improves.
• Recent signals include the CFTC adding industry figures such as Uniswap’s Katherine Minarik and Aptos’s Avery Ching to its Digital Asset Markets Subcommittee and a revised Senate draft that proposes clearer rules and protections for DeFi builders.