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On Aug. 28, the Commodity Futures Trading Commission’s Division of Market Oversight issued an advisory as per which users based in the U.S. can now trade on non-U.S. crypto exchanges.
“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,” said Acting Chairman Caroline D. Pham.
Pham added the move is part of the CFTC's longstanding approach to let American traders access the markets. She also said the step makes way for American crypto trading companies that were forced to establish themselves abroad to again access U.S. markets.
CFTC provides regulatory clarity
The statement also said the latest advisory provides regulatory clarity to offshore crypto trading exchanges and resolves any confusion as to whether they should register as a designated contract market (DCM) or foreign board of trade (FBOT).
Pham said that since the 1990s, Americans have been able to trade on offshore exchanges that are registered as FBOTs. With this step, the CFTC has again opened up the global markets for American traders, she added.
Following the latest advisory, the U.S. users can now trade on global crypto exchanges such as Binance and OKX.
This article has been published in thestreet.com via Yahoo News.
