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Binance has reportedly stopped offering its crypto derivatives services in Spain as it awaits approval from the Spanish regulator, Comisión Nacional del Mercado de Valores (CNMV). Binance’s official Spain website has removed the derivatives option from its interface by removing the drop-down menu. However, the URLs for derivative services in Spain, including futures, battle, and derivative portal, are still active, according to Cointelegraph. According to a local report, Binance would reintroduce the derivatives option only after gaining regulatory approval from the Bank of Spain in the form of a guarantee certificate (BdE). https://cointelegraph.com/news/binance-reportedly-halts-crypto-derivatives-service-in-spain
The Commodity Futures Trading Commission has announced a roundtable discussion on May 25 to deliberate on a ‘non-intermediated’ model of crypto derivatives trading. This announcement was sparked by FTX US’s recent proposal to modify its Derivatives Clearing Organisation (DCO) license. Under the proposed ‘non-intermediated’ model, the current Futures Commission Merchant (FCM) intermediary would be eliminated, which would streamline trading by reducing the number of times assets change hands, each layer of which entails separate requirements for liquidity holding. According to the CFTC, “A number of registered entities have discussed with CFTC staff proposals to offer ‘non-intermediated’ or direct trading and clearing of margined products to retail customers.” https://www.coindesk.com/policy/2022/04/27/cftc-sets-may-roundtable-to-weigh-ideas-sparked-by-ftxs-derivatives-push/