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Blockchain.com and Binance US apply to offer US prediction markets

Blockchain.com and Binance US have applied to launch prediction markets in the United States as crypto platforms look to diversify revenue during a prolonged market downturn.

Binance.US logo in yellow on a dark background.
Image: @Cointelegraph

Cryptocurrency exchanges Blockchain.com and Binance US have submitted applications to offer prediction markets in the United States, according to a report by the Financial Times cited by The Block and Cointelegraph. The move comes as crypto firms attempt to diversify their revenue streams during an extended slump in token prices.[1][2]

The filings were made with the U.S. Commodity Futures Trading Commission (CFTC) seeking regulatory approval for the prediction market services, according to CoinGape. In addition, an application was submitted for Futures Commission Merchant (FCM) status to operate as a broker for derivatives contracts as both platforms seek to expand beyond digital assets.[3]

Key facts

  • Blockchain.com and Binance US have applied to offer prediction markets in the United States, according to the Financial Times.
  • Both platforms filed with the U.S. Commodity Futures Trading Commission (CFTC) to seek approval for prediction markets, per CoinGape.
  • An application was also filed for Futures Commission Merchant (FCM) status to serve as a broker for derivatives contracts.
  • The platforms are seeking to diversify revenue streams amid a prolonged downturn in token prices.

Sources 路 3 sources

  1. TB

    The Block@TheBlockCoPost on X 路

    NEW: Blockchain[dot]com and Binance US have respectively applied to offer prediction markets in the US, as firms look to diversify revenue streams amid an extended market downturn, the Financial Times reported. https://t.co/2BXhzMMFcZ

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  2. CO

    Cointelegraph@CointelegraphPost on X 路

    馃嚭馃嚫 JUST IN: Crypto exchanges including Blockchaincom and Binance US are rushing to launch prediction markets in the US as the prolonged token slump pushes them to find new revenue, per FT. https://t.co/LJgqB4ddZT

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  3. CO

    CoinGape@CoinGapeMediaPost on X 路

    馃毃 BREAKING: https://t.co/Qx6R8tmVOa and https://t.co/m6zE7DEd64 have filed with the US CFTC seeking approval to offer prediction markets. https://t.co/m6zE7DEd64 has also applied for Futures Commission Merchant (FCM) status to act as a broker for derivatives contracts. The move comes as both platforms look to expand beyond crypto amid a prolonged market downturn. 馃敆Know More in the comments.

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