The Singapore Exchange (SGX) has secured approval from the U.S. Commodity Futures Trading Commission (CFTC) to offer its Bitcoin and Ether perpetual futures contracts directly to U.S. institutional investors. The authorization was granted under Regulation 48.10, a framework that lets a registered Foreign Board of Trade provide U.S. clients access to its existing trading system without registering as a U.S. platform.
KC Lam, head of crypto derivatives at SGX Group, called the decision 'an important milestone' that connects U.S. traditional market desks with Asian liquidity pools and legitimizes crypto derivatives as a regulated asset class. The exchange launched its Bitcoin (BTP) and Ether (ETP) perpetual futures in late November 2025. Since then, cumulative volume has reached $5.8 billion, or roughly 400,000 lots. As of the end of August, combined open interest across both contracts stood at 1,300 lots, valued at about $19 million. Bitcoin represents 66% of open interest and 83% of average daily volume since launch.
U.S. clearing members are expected to enable client access over the next one to two months. The onboarding process typically takes two to four weeks and includes KYC checks, deposits, and API connectivity. SGX confirmed that its back-office integration via FIS is operational and already supports the onboarding pipeline.
The contracts differ from native crypto perpetuals: they have no expiration date but use margin calls and additional collateral rather than automatic liquidations, helping avoid cascade sell-offs during volatility. Trades flow through clearing members as an intermediate risk buffer. Stablecoins are excluded as collateral because they can lose their peg in periods of high volatility. The contracts reference indices developed with CoinDesk Indices and administered under European benchmark regulation.
SGX plans to introduce dated futures and options for Bitcoin and Ether next, before expanding to other cryptocurrencies. Market reaction remained measured; Bitcoin traded near $77,907, down 1.8% on the day, while Ether traded near $2,461, down 1.52%, as traders assessed the longer-term implications of U.S. institutional access to SGX's crypto derivatives market.
