Crypto perpetuals finally have defined regulatory routes in the US. That was not the case when offshore exchanges such as BitMEX built the market.
BitMEX will shut its exchange on 23 September after an 11-year run, providing a timely opportunity to examine how those regulatory routes now work.
The company said the decision followed a strategic review, and neither BitMEX nor the CFTC has linked it to recent regulatory changes.
Why Did Crypto Perpetuals Spend Years Offshore?
Early crypto venues built perpetuals outside the US because no practical domestic route existed for the product. At the same time, the CFTC applied heightened scrutiny to digital-asset derivatives through staff advisories issued in 2018 and 2023.
BitMEX used an offshore, direct-access model. The CFTC alleged in 2020 that it nevertheless accepted orders and funds from US customers without registering as a futures commission merchant.
The regulator also cited inadequate know-your-customer and anti-money-laundering controls. BitMEX settled with the CFTC and FinCEN for $100 million in 2021.
What Changed in the US Regulatory Approach?
In March 2025, the CFTC withdrew both advisories. It said the 2018 measure was no longer needed because of greater staff experience and market maturity. The 2023 advisory was withdrawn to make clear that digital-asset derivatives would be treated like other derivatives products.
Acting Chair Caroline Pham then opened a consultation on perpetual contracts in April. That month, regulated exchange Bitnomial self-certified BTC/USD perpetual futures and began institutional trading.
In May 2026, the CFTC formally approved Kalshi’s bitcoin perpetual, issued a wider policy statement and published guidance for round-the-clock trading, clearing and settlement.
It also confirmed that certain Deribit perpetuals described in Coinbase Financial Markets’ request could be treated as foreign futures and granted related no-action relief.
Chairman Michael Selig said the policy aimed to bring offshore liquidity under US oversight and manage leverage, volatility and systemic risk inside a regulated framework.
Why Can US Firms Offer Perpetuals Today When BitMEX Could Not?
The key difference is the regulatory wrapper.
Bitnomial and Kalshi are designated contract markets: CFTC-regulated exchanges subject to rules for market integrity, surveillance and risk management. Bitnomial used self-certification, while Kalshi sought and received formal approval.
Coinbase uses another route. Its registered futures commission merchant can connect customers to qualifying contracts on Deribit, a foreign venue, under the foreign-futures framework and the conditions in the CFTC letter.
Deribit is still a non-US exchange, but customers can access it through a regulated US intermediary.
Does BitMEX’s Closure Signal the End of Offshore Perpetuals?
The available evidence does not support that conclusion. Binance and OKX accounted for roughly 33% and 15%, respectively, of volume among the 11 centralised perpetual exchanges tracked by CoinGecko from January to April 2026.
Other research produced different estimates, but also placed them among the leaders.
BitMEX had already lost its earlier dominance: by April 2020, its daily bitcoin futures volume trailed Binance, OKEx and Huobi. No reliable data reviewed here show that liquidity has moved specifically from offshore platforms to CFTC-regulated venues since 2025.
What Does This Mean for Brokers and Exchanges?
Firms now have defined ways to list domestic perpetuals or intermediate foreign ones.
However those routes bring operational obligations.
The CFTC’s 24/7 guidance highlights margin and customer-fund risks when banks are closed.
Futures brokers must ensure that customers receive appropriate disclosures about extended-hours risks and consider whether existing disclosures and risk policies need updating.
Exchanges and clearing houses must assess resilience, staffing and risk controls, and file relevant rule changes. The CFTC encourages firms to engage with staff before launch.
Where Is the Market Heading Next?
The new framework does not amount to blanket permission. The CFTC said perpetuals referencing underlyings not contemplated in the Kalshi order should undergo case-by-case review.
Kalshi’s approval covers a cash-settled bitcoin contract.
Coinbase Financial Markets’ relief applies to certain Deribit products and remains subject to specified conditions. Outside the US, OKX offers perpetuals linked to major US equities and exchange-traded funds in supported jurisdictions.
It also began offering contracts referenced to licensed ICE Brent and WTI prices in July under its data partnership with Intercontinental Exchange.
These developments operate through different jurisdictions, venues and access models. They do not constitute a single global rulebook.
For brokers and exchanges, the immediate change is narrower: perpetuals now have identifiable regulated routes in the US, but the available route depends on who lists the contract, who intermediates access and what underlying asset it references.
Crypto perpetuals finally have defined regulatory routes in the US. That was not the case when offshore exchanges such as BitMEX built the market.
BitMEX will shut its exchange on 23 September after an 11-year run, providing a timely opportunity to examine how those regulatory routes now work.
The company said the decision followed a strategic review, and neither BitMEX nor the CFTC has linked it to recent regulatory changes.
Why Did Crypto Perpetuals Spend Years Offshore?
Early crypto venues built perpetuals outside the US because no practical domestic route existed for the product. At the same time, the CFTC applied heightened scrutiny to digital-asset derivatives through staff advisories issued in 2018 and 2023.
BitMEX used an offshore, direct-access model. The CFTC alleged in 2020 that it nevertheless accepted orders and funds from US customers without registering as a futures commission merchant.
The regulator also cited inadequate know-your-customer and anti-money-laundering controls. BitMEX settled with the CFTC and FinCEN for $100 million in 2021.
What Changed in the US Regulatory Approach?
In March 2025, the CFTC withdrew both advisories. It said the 2018 measure was no longer needed because of greater staff experience and market maturity. The 2023 advisory was withdrawn to make clear that digital-asset derivatives would be treated like other derivatives products.
Acting Chair Caroline Pham then opened a consultation on perpetual contracts in April. That month, regulated exchange Bitnomial self-certified BTC/USD perpetual futures and began institutional trading.
In May 2026, the CFTC formally approved Kalshi’s bitcoin perpetual, issued a wider policy statement and published guidance for round-the-clock trading, clearing and settlement.
It also confirmed that certain Deribit perpetuals described in Coinbase Financial Markets’ request could be treated as foreign futures and granted related no-action relief.
Chairman Michael Selig said the policy aimed to bring offshore liquidity under US oversight and manage leverage, volatility and systemic risk inside a regulated framework.
Why Can US Firms Offer Perpetuals Today When BitMEX Could Not?
The key difference is the regulatory wrapper.
Bitnomial and Kalshi are designated contract markets: CFTC-regulated exchanges subject to rules for market integrity, surveillance and risk management. Bitnomial used self-certification, while Kalshi sought and received formal approval.
Coinbase uses another route. Its registered futures commission merchant can connect customers to qualifying contracts on Deribit, a foreign venue, under the foreign-futures framework and the conditions in the CFTC letter.
Deribit is still a non-US exchange, but customers can access it through a regulated US intermediary.
Does BitMEX’s Closure Signal the End of Offshore Perpetuals?
The available evidence does not support that conclusion. Binance and OKX accounted for roughly 33% and 15%, respectively, of volume among the 11 centralised perpetual exchanges tracked by CoinGecko from January to April 2026.
Other research produced different estimates, but also placed them among the leaders.
BitMEX had already lost its earlier dominance: by April 2020, its daily bitcoin futures volume trailed Binance, OKEx and Huobi. No reliable data reviewed here show that liquidity has moved specifically from offshore platforms to CFTC-regulated venues since 2025.
What Does This Mean for Brokers and Exchanges?
Firms now have defined ways to list domestic perpetuals or intermediate foreign ones.
However those routes bring operational obligations.
The CFTC’s 24/7 guidance highlights margin and customer-fund risks when banks are closed.
Futures brokers must ensure that customers receive appropriate disclosures about extended-hours risks and consider whether existing disclosures and risk policies need updating.
Exchanges and clearing houses must assess resilience, staffing and risk controls, and file relevant rule changes. The CFTC encourages firms to engage with staff before launch.
Where Is the Market Heading Next?
The new framework does not amount to blanket permission. The CFTC said perpetuals referencing underlyings not contemplated in the Kalshi order should undergo case-by-case review.
Kalshi’s approval covers a cash-settled bitcoin contract.
Coinbase Financial Markets’ relief applies to certain Deribit products and remains subject to specified conditions. Outside the US, OKX offers perpetuals linked to major US equities and exchange-traded funds in supported jurisdictions.
It also began offering contracts referenced to licensed ICE Brent and WTI prices in July under its data partnership with Intercontinental Exchange.
These developments operate through different jurisdictions, venues and access models. They do not constitute a single global rulebook.
For brokers and exchanges, the immediate change is narrower: perpetuals now have identifiable regulated routes in the US, but the available route depends on who lists the contract, who intermediates access and what underlying asset it references.
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