TREE NEWS update: Singapore Exchange has received CFTC authorization under Regulation 48.10 allowing US institutional investors to trade its bitcoin and ether perpetual futures. SGX launched the BTP and ETP contracts in November 2025; cumulative volume reached $5.8 billion, about 400,000 lots, as of August, with bitcoin at 66% of open interest and 83% of daily volume. US client onboarding takes 2-4 weeks, with service expected to begin in one to two months.
SGX Wins CFTC Approval for US Institutions to Trade BTC, ETH Perpetual Futures
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AI take
The significance lies less in the approval itself than in what it signals: US institutions now have a regulated offshore venue for perpetual futures, a product US platforms have largely been unable to offer domestically. SGX's volume mix, heavily concentrated in bitcoin, suggests ether perpetuals remain a secondary draw, so the open question is whether US onboarding broadens participation across both contracts or simply deepens existing bitcoin liquidity. With onboarding taking weeks and service still a month or two out, the real test comes after, not at, approval.
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