U.S. institutions want to play the long game with perpetual futures—and they don’t necessarily have to wait until a “U.S. version of an exchange” gets approved first.
Singapore Exchange (SGX) obtained CFTC Regulation 48.10 authorization as of the 9/10 criteria:
U.S.-based firms can directly connect to its BTC / ETH perpetual order book.
KC Lam (Head of Crypto Derivatives at SGX) told CoinDesk very plainly: “It wasn’t possible before, now it is.”
Gate and PANews cross-checked and confirmed.
The trading interface has actually been live for a while.
Since late November 2025 go-live, cumulative totals are about $5.8 billion and roughly 400,000 contracts;
In August, average daily volume is about 1,300 contracts, with nominal notional around $19 million;
BTC remains the main driver (OI≈66%, daily volume≈83%).
But don’t write it as “you can place orders tonight.”
With authorization in hand, U.S. clearing members are still onboarding—officially, the timeline is in the next 1–2 months; on the client side, the common expectation is 2–4 weeks.
The mechanics are also more like traditional futures: variation margin / additional margin calls, no automatic liquidations, and stablecoins are not used as collateral.
In this round, Binance was rechecked (Beijing time ~01:11): BTC≈77192 / ETH≈2452.
I think this is more like “overseas-compliant perpetuals opened a window for U.S.-based capital,” not another piece of trading-news hype.
Next, watch: whether real trading volume truly ramps up, and when futures/options that include expiry dates go live.
Not investment advice.
#SGX #CFTC $BTC $ETH