CFTC Grants SGX Access for US Institutional Crypto Trading

The US Commodity Futures Trading Commission has authorized Singapore Exchange to open its Bitcoin and Ether perpetual futures to American institutional investors. This regulatory approval allows US trading firms to access existing order books in Singapore without requiring a separate domestic listing. The decision marks a significant shift in how US institutions engage with offshore crypto derivatives markets.

Singapore Exchange secured this authorization under Regulation 48.10. This rule permits a recognized foreign board of trade to offer direct access to its electronic trading system for qualifying US participants. The exchange can now extend its current contracts to eligible US clients without registering as a domestic US exchange.

Regulatory Pathway Opens Market Access

KC Lam, head of crypto derivatives at SGX Group, confirmed the authorization via CoinDesk. Lam stated that the ruling connects traditional finance participants in the US with Asian liquidity pools. He described the approval as a milestone for establishing crypto derivatives as a regulated asset class.

This approval follows a broader trend of regulated perpetual futures gaining ground in the US. In May, the CFTC approved the first regulated Bitcoin perpetual for listing on a US exchange. Kraken also launched perpetual futures in June through its CFTC-regulated subsidiary, Bitnomial. SGX takes a distinct approach by leveraging its existing Singapore trading infrastructure.

Volume Data Shows Market Activity

Since their launch in November 2025, SGX’s Bitcoin and Ether perpetual futures have recorded $5.8 billion in cumulative volume. This figure equates to roughly 400,000 lots. Average daily volume across the two contracts reached 1,300 lots, or $19 million, as of August.

Bitcoin dominates the trading activity on the exchange. It accounts for 83% of average daily trading volume since inception. Bitcoin also represents 66% of the outstanding open interest. The exchange recorded its busiest session at 11,500 lots, representing $145 million in notional trading volume.

Institutional Onboarding Process Timeline

US participation will not appear immediately due to onboarding requirements. New clients must complete know-your-customer checks and fund their accounts. They must also establish API connections through clearing members. The process typically takes two to four weeks regardless of the client's location.

SGX has completed its back-office integration with FIS. The exchange is preparing US clearing members to onboard clients over the next one to two months. According to GN markets/crypto (en-US), this setup facilitates direct institutional access to the existing crypto derivatives order books. The exchange plans to launch dated Bitcoin and Ether futures and options in the near future.