Cryptocurrency exchange Binance.US has set its sights on pursuing a license from the CTFC to expand into the prediction markets sector.
Binance.US CEO Steven Gregory revealed the plans while speaking at a conference earlier this week, Bloomberg reported. He said the exchange would submit an application for a designated contract market license in August.
Should the company secure the license, Binance.US, which is separate from the larger global exchange Binance Holdings, could launch its own prediction market exchange. Gregory did not go into further detail on the company’s longer-term plans.
Several other exchanges have already made a move into prediction markets in recent weeks and months. Gemini Space Station secured a CFTC license earlier this year, while Coinbase Global has partnered with market giant Kalshi.
Could the launch regain lost US market share?
Binance.US lost a large share of the US market following anti-money laundering allegations and sanctions violations for the global Binance exchange. While these were settled with US authorities in 2023, it is yet to return to the level it was operating at prior to the issues.
The case led to then-CEO Changpeng Zhao serving four months in prison, though he was later pardoned by President Donald Trump.
Since leaving prison, Zhao has spoken publicly several times about his desire for Binance to grow its US presence. Expansion into the growing prediction markets sector could help the exchange win back customers in the US.