Blockchain.com’s 13 October announcement said it had applied for futures commission merchant registration and designated contract market status. Its proposed US offering includes crypto futures, options and event contracts for retail and institutional customers, subject to approval.[1]
The two applications address different parts of the trade. An FCM solicits or accepts derivatives orders and takes customer money or assets to support them. Registered FCMs must belong to the National Futures Association. That is the customer-facing intermediary function, with responsibility for the account relationship and the funds supporting positions.[2]
A DCM is the regulated trading venue. The CFTC framework permits such markets to serve retail participants and list futures or options. Building a venue adds market rules and oversight to the business; it is a different undertaking from providing an app through which customers submit orders.[4]
NFA’s applicant requirements show the operational work behind the intermediary application. They include financial statements, capital scrutiny and a designated chief compliance officer. Procedures may cover anti-money-laundering controls, cybersecurity, business continuity, electronic order routing and customer complaints. NFA says approval awaits review of all required materials.[3]
The venue application has its own evidential burden. CFTC guidance calls for a complete Form DCM submission demonstrating compliance with 23 core principles. Its technical questionnaire addresses systems capacity, security, continuity and operations, while contract design must address susceptibility to manipulation.[5]
Commercially, bringing both functions into the same group could give Blockchain.com greater control over distribution and the trading environment. It also means the economics must support both intermediary services and a venue. A unified screen can simplify the customer journey while the business still needs distinct capabilities for account operations, market supervision and system reliability.
The company announcement establishes its intended route, rather than an approved US launch. Decisions on the applications, contract specifications and clearing arrangements will determine what customers can actually trade and how their positions are supported.[1]
Sources & further reading
- US derivatives applications announcement Blockchain.com via PR Newswire · 13 Oct 2026 · Accessed 21 Oct 2026
- FCM registration and membership National Futures Association · Accessed 21 Oct 2026
- FCM applicant compliance requirements National Futures Association · Accessed 21 Oct 2026
- Designated contract market framework CFTC · Accessed 21 Oct 2026
- DCM application process and core principles CFTC · Accessed 21 Oct 2026