Binance Plans to Enter Prediction Markets

The US arm of cryptocurrency exchange Binance plans to enter the prediction market business and seek approval from the US Commodity Futures Trading Commission (CFTC). Binance.US CEO Stephen Gregory disclosed the plans at the Rare Evo conference in Las Vegas.

The company could submit its application as early as August.

If approved, Binance.US would be able to offer contracts tied to the outcomes of elections, sporting events, economic indicators, television shows and other real-world events.

Binance.US is considering the move as prediction markets continue to gain traction in the United States. Robinhood has described event contracts as one of the fastest-growing areas of its business, while Coinbase reported a significant increase in activity in the segment during the second quarter.

Before facing increased regulatory scrutiny, Binance.US was one of the largest cryptocurrency exchanges in the United States. However, the company lost significant market share after the Securities and Exchange Commission sued it in 2023. Its banking partners subsequently withdrew their support, making it difficult for customers to deposit and withdraw US dollars. Many users left the platform, and trading volumes fell sharply.

Binance.US is now seeking to rebuild its customer base and expand into new areas, including prediction markets.

🍀 Quick reminder: Start trading on Polymarket and claim your welcome bonus with Polymarket promo code GPARK.