SGX now lets U.S. traders directly access Bitcoin and Ethereum perpetual futures after winning CFTC approval under Regulation 48.10.
The Singapore Exchange has received approval from the U.S. Commodity Futures Trading Commission to give American institutions direct access to its Bitcoin and Ether perpetual futures.
The green light comes under Regulation 48.10, a CFTC framework built for recognized foreign exchanges. SGX launched its BTP and ETP contracts in late November 2025.
Since then, the products have recorded $5.8 billion in cumulative traded volume. U.S. clearing members are now expected to begin onboarding clients within the next one to two months.
What Regulation 48.10 Changes for SGX
Regulation 48.10 lets a registered Foreign Board of Trade open its existing order books to U.S. participants without setting up a separate U.S. exchange.
SGX now qualifies under that framework.
KC Lam, head of crypto derivatives at SGX Group, told CoinDesk the ruling means U.S. participants can now trade contracts that were previously off limits. Lam called the approval an important milestone.
He added that it bridges U.S. TradFi desks with Asian liquidity pools and, in his words, legitimizes crypto derivatives as a regulated asset class.
New clients still go through standard checks before they can trade. Clearing members handle KYC checks, deposits, and API connectivity, a process that typically runs two to four weeks.
Lam said that SGX’s FIS-enabled back-office integration is now fully in place. That system is meant to support onboarding for U.S. clearing members over the coming month or two.
While retail argues over every red candle, the infrastructure for the next phase is being built.
Singapore Exchange has received CFTC authorization allowing U.S. institutions to trade its $BTC and $ETH perpetual futures—connecting American trading desks directly with Asian… pic.twitter.com/flEe3S1ja1
— MANDO CT 🇮🇪 🇦🇪 🇬🇧 (@MandoCT) September 10, 2026
Volume and What Comes Next for SGX Crypto Futures
SGX’s Bitcoin and Ether perpetual futures have logged roughly 400,000 lots in trading since November. Open interest across both contracts stood at 1.3k lots, worth about $19 million, as of the end of August.
Bitcoin accounts for 66% of that open interest and 83% of daily average volume since the contracts launched. The busiest single day so far brought 11.5k lots, or $145 million in notional value, according to CoinDesk.
Traders use the perpetuals for both directional bets and arbitrage. Some track broader macro themes, including concerns around currency debasement.
Others run cash-and-carry trades built on funding-rate gaps between venues. Lam said that dated futures and options for Bitcoin and Ethereum are next on SGX’s roadmap.
He said the heavy infrastructure work comes first, after which adding other major coins could become a more routine process. SGX plans to expand step by step rather than all at once.
Read also – BTC Price Analysis: Bitcoin Eyes $83K as Binance Open Interest Tops $10B
BTC and ETH Price Levels to Watch
Bitcoin was trading at $77,907.04, down 1.80% over the day but up 0.40% over the week. Ethereum stood at $2,461.05, falling 1.52% daily while gaining 3.00% weekly at publication.
Trader Daan Crypto Trades described both assets as consolidating within defined ranges on X.
ETH has formed a tighter band around its $2,460 support. BTC, meanwhile, has moved more sharply near its $77.8k support level.
$BTC & $ETH Same but different.
ETH has formed a tighter range while sitting on its ~$2460 support while $BTC has been more volatile and keeps bouncing from its $77.8K support.
All within their respective ranges.
Pretty clear which levels to watch and where the bulls need to… pic.twitter.com/ca9Y72I57g
— Daan Crypto Trades (@DaanCrypto) September 10, 2026
Daan noted that breaking out in either direction could lead to heavy liquidations for traders caught on the wrong side.
Longer-term views also circulated online.
Analyst Gerla compared the current setup to the previous cycle bottom. September weakness was followed by a Q4 turnaround back then, and a similar pattern is emerging now. If it repeats, Gerla sees a possible move toward $150k to $170k by 2029.
Nehal, another market analyst, focused on Ethereum. He flagged $2,550 as the level needed for a breakout. A clean move above that could open the door toward $2,800 to $3,000. Nehal marked $2,350 as the key support level to hold.
For now, both assets remain range-bound as the market waits to see how U.S. institutional access to SGX’s contracts plays out over the coming weeks.
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