REPORT : Binance deal put FTX push for US Crypto clearing in suspense
The prospective Binance acquisition of FTX's leave the FTX US Derivatives application in limbo, raising questions about whether and how the project will progress.
If accepted by the US Commodity Futures Trading Commision (CFTC), the company's application could chage the way margin-backed derivatives contracts are cleared, effectively ending the long tradition of clearing houses in derivative markets.
The application was submitted by the FTX's US division. Despite the fact that the global FTX has agreed to be acquired by rival Binance, FTX CEO Sam Bankman-Fried has stated that the US branch is "not currenly impacted by this" because it is a separate company. It remains to be seen if and how the application will be affected the acquisition.
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