The U.S. Commodity Futures Trading Commission (CFTC), a U.S. financial regulatory agency, announced on Thursday that offshore cryptocurrency exchanges can now register under the Foreign Board of Trade (FBOT) framework to legally provide services to U.S. customers.
CFTC Acting Director Caroline Pham stated in a release that since the 1990s, U.S. customers have had the right to trade on offshore platforms registered with FBOT, which applies to all asset classes. Pham said:
Allowing offshore exchanges to serve U.S. residents may increase liquidity in the cryptocurrency market and eliminate barriers that keep cryptocurrencies confined within regions.
Binance, the world's largest exchange by trading volume, is currently inaccessible to U.S. residents. Instead, it operates in the country through a separate entity, Binance.US, but it is not available in all states. This places U.S. residents in a walled garden of crypto companies that are qualified to operate in the U.S.
The CFTC has been undergoing a comprehensive reform of its cryptocurrency policies as part of the "crypto sprint," an initiative aimed at establishing comprehensive cryptocurrency regulations in the U.S.
U.S. President Donald Trump has repeatedly expressed his desire to bring cryptocurrency companies back to the U.S. to establish leadership in the digital asset space.
The lack of clear regulations has led to a significant outflow of cryptocurrency companies from the U.S. between 2021 and 2024, resulting in most cryptocurrency trading volume occurring on offshore exchanges.
Edwin Mata, lawyer and CEO of the tokenization platform Brickken, told Cointelegraph that ambiguous regulations have left the policy landscape in the U.S. fragmented.
The lawyer told Cointelegraph that clear rules would alleviate the legal burden on cryptocurrency companies, allowing them to operate in the U.S. without fear of legal retaliation and enforcement scrutiny.
The CFTC is accepting public feedback on its cryptocurrency policies to develop regulations that protect financial market participants without imposing undue burdens that push innovative projects overseas.
Related: 112 cryptocurrency companies urge the Senate to protect developers in the market structure bill
Original article: “CFTC Opens Pathway for U.S. Citizens to Access Offshore Crypto Exchanges”
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