In August 2025, the U.S. Commodity Futures Trading Commission (CFTC) issued new guidance that paves the way for foreign crypto exchanges to legally serve American clients. According to the updated rules, overseas platforms like Binance or others can register as Foreign Boards of Trade (FBOT), which has existed since the 1990s. This allows American traders access to global cryptocurrency markets without violating regulatory norms.
The initiative announced by acting CFTC Chair Carolyn Fam is aimed at bringing American investors back to international exchanges. 'Now the CFTC welcomes Americans wanting to trade on registered platforms,' she noted. To register, exchanges must have anti-abuse rules, ensure financial stability, and be authorized in their jurisdiction. This applies to all assets, including cryptocurrencies classified as commodities.
Previously, foreign exchanges like Binance blocked access for the U.S. due to the risks of fines and regulatory pressure from the SEC and CFTC. Now, provided they comply with AML/CFT and other standards, they can return, stimulating competition and innovation. Experts like Cheryl Isaac from K&L Gates call this a reminder of existing rules but with less burden. This could attract billions of dollars, increase liquidity, and expand choices for traders.
This step is part of a broader pro-crypto policy of the Trump administration, which aims to make the U.S. the 'crypto capital of the world'. However, the SEC maintains control over assets that are securities. Regulators emphasize protecting investors from risks.
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