CFTC Issues New Advisory Paving the Way for Foreign Crypto Exchanges To Offer Services to US Traders

The U.S. Commodity Futures Trading Commission (CFTC) has issued a new advisory, paving the way for foreign crypto exchanges to offer trading services to US users.

CFTC Acting Chairman Caroline D. Pham says the advisory provides regulatory clarity for the foreign board of trade (FBOT) registration framework, which is designed to give non-US entities the ability to provide US residents with market access.

“Today’s FBOT advisory provides the regulatory clarity needed to legally onshore trading activity that was driven out of the United States due to the unprecedented regulation by enforcement approach of the past several years.

By reaffirming the CFTC’s longstanding approach to provide US traders with choice and access to the deepest and most liquid global markets, with a wide range of products and asset classes, American companies that were forced to set up shop in foreign jurisdictions to facilitate crypto asset trading now have a path back to US markets.”

Pham says the advisory is part of the regulator’s “crypto sprint initiative,” which she notes involves implementing recommendations made in President Donald Trump’s Working Group on Digital Asset Markets report.

“Starting now, the CFTC welcomes back Americans who want to trade efficiently and safely under CFTC regulations, and opens up US markets to the rest of the world.”

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Rost9/Sensvector