Binance.US Plans CFTC License Filing Next Month to Launch Prediction Market

Binance.US plans to apply for a U.S. Commodity Futures Trading Commission license next month as it seeks to launch its own prediction market.

Bloomberg reported on July 29 that Chief Executive Officer Stephen Gregory announced the plan at the Rare Evo conference in Las Vegas. Binance.US intends to apply for a designated contract market, or DCM, license with the CFTC next month.

A DCM license would provide the basis for Binance.US to operate its own prediction market under CFTC oversight. The agency did not comment on the planned application.

Prediction-market activity has been growing rapidly in the U.S., led by Kalshi and Polymarket. Trading in contracts tied to events including the World Cup and major political and economic developments has expanded, prompting more crypto exchanges to enter the market.

Gemini previously obtained a related license from the CFTC this year, while Coinbase is expanding its prediction-market business through a partnership with Kalshi.

Binance.US operates separately from global exchange Binance as its U.S. affiliate. Its domestic market share fell sharply after Binance reached a settlement with U.S. authorities in 2023 over allegations of anti-money laundering and sanctions violations.

Changpeng Zhao, who was Binance's chief executive at the time, served a four-month prison sentence and was later pardoned by U.S. President Donald Trump. Zhao has since expressed a desire to rebuild Binance's presence in the U.S. market.