Cryptocurrency companies are pushing into the highly regulated US derivatives market as they seek to meet demand from retail traders to make supercharged bets on digital assets.
Volumes in crypto derivatives registered almost $3tn last month, accounting for more than 60 per cent of trading in cryptocurrencies, according to data provider CryptoCompare. Most activity takes place on offshore venues such as those overseen by exchanges giant Binance, which are subject to little or no regulatory oversight.
Crypto groups are now seeking to build beachheads in the tightly supervised US market by buying up smaller companies that already hold licences to operate in America.