Binance.US has seen a significant decline in market share following the global settlement between Binance and U.S. authorities in 2023, now led by Stephen Gregory, who comes from a compliant background. The company has previously attempted to rebuild liquidity through fee reductions and is publicly exploring retail derivatives and event contracts to catch up with competitors.

In terms of capital strategy, the company is directing resources towards the CFTC license application and product expansion, motivated by the opportunity to re-enter the high-profit derivatives sector through regulatory openings (including approval for perpetual contracts and prediction markets), shifting funds from purely spot trading to regulated contract and event markets.

Similar to how Gemini obtained a DCM license early to enter prediction markets, and how Kalshi and Coinbase were the first to launch regulated perpetual contracts, the U.S. crypto market is currently transitioning from an offshore gray area to onshore compliant derivatives expansion.

This is fundamentally a regulatory change: the DCM license has become a key entry point for accessing prediction markets and perpetual contracts. As the CFTC incorporates event contracts and perpetual products into the futures framework, compliant platforms gain priority access to retail customers and institutional funds, thereby restructuring the value chain of U.S. crypto trading.

ABAB News · Cognitive Law

Licenses are the true moat in the derivatives market
After spot trading, there will be contracts; after contracts, there will be events
The regulatory window is only open to those ready to apply