Robinhood and Cboe are advancing parallel efforts to expand regulated event-based and crypto derivatives products.
Cboe plans to list binary options tied to corporate key performance indicators for 23 US-listed companies, with Robinhood set to be the first retail broker to distribute them. The October rollout remains subject to regulatory approval, and the exchange has not yet published the full company list or detailed contract specifications. Cboe intends to list the instruments as securities options on an exchange overseen by the Securities and Exchange Commission, rather than as CFTC-supervised event contracts. Cboe Clear U.S. has applied for temporary SEC registration as a covered clearing agency. Both firms plan to waive fees through the end of 2026, subject to regulatory review.
Robinhood's crypto chief Johann Kerbrat said at Korea Blockchain Week 2026 that the company is still working through the SEC's innovation exemption for tokenized U.S. equities. The exemption, issued on Sept. 17, allows certain U.S. venues to trade tokenized versions of listed stocks for five years without registering as exchanges, subject to volume and symbol caps and same-rights requirements. Kerbrat said Robinhood's stock-token volume is already high enough to hit some of those limits. Robinhood Stock Tokens are issued as debt securities by a Jersey-based entity, are available in more than 120 countries through Robinhood Wallet, and are not offered to U.S. users. Kerbrat said in-kind redemption and voting rights were planned before the public dispute with AMC Entertainment CEO Adam Aron, whose criticism he described as mostly a marketing stunt.
On the crypto derivatives side, Robinhood announced on Sept. 29 that it is bringing crypto perpetual futures onshore in the U.S. for eight cryptocurrencies: BTC, ETH, SOL, XRP, DOGE, ADA, LINK and HYPE. The product will feature 10x leverage on Bitcoin and Ether and 3x leverage on the other six tokens. Kerbrat said Robinhood uses a global waterfall clearing system and recalculates funding rates constantly, unlike some competing venues that update them every 15 minutes. He added that raising U.S. leverage limits is to be determined based on trading and liquidity, and there are no announced plans for single-stock perpetuals.
