Gemini Clears Key CFTC Approval to Launch Prediction Market Platform in US

Billionaire Winklevoss twins’ Gemini Space Station received a key nod from the US Commodity Futures Trading Commission (CFTC) to launch its betting platform ‘Gemini Titan’ to US customers.

The crypto exchange team announced on Wednesday that the Designated Contract Market (DCM) license will allow Gemini to begin offering “simple yes or no questions” event contracts.

The approval comes 5 years after the exchange applied for a DCM license in 2020.

Dubbed ‘Gemini Titan,’ the prediction market aims to expand its derivatives offering to include crypto futures, options, and perpetual contracts.

“Gemini Titan looks forward to exploring bringing these innovative and highly liquid contracts to America,” the announcement read.

Gemini President Cameron Winklevoss praised CFTC Chair Caroline D. Pham for understanding the importance of the growing prediction markets.

“Unlike her predecessor, Acting Chairman Pham has positioned the CFTC as a pro-business, pro-innovation regulator that will allow America to lead in these new and exciting markets.”

Gemini’s debut comes after it closed its initial public offering (IPO) in September, pulling in a massive $425 million.

Big Players Enter Prediction Market Space – Integration Meets Sustainability

The prediction markets arena has gained major traction ever since the US federal court dismissed a CFTC prohibition on election betting last year.

The space has been experiencing rapid growth, following the announcement of record trading volumes by dominant players Kalshi and Polymarket.

However, the challenge is on sustainable integration, while balancing innovation with responsibility, James Newman, Chief Corporate Affairs Officer at sports blockchain Chiliz, told Cryptonews.

“Sustainable integration means creating an ecosystem that fosters deeper connections, where fans are not just spectators but are empowered as stakeholders. This is where the future of all fan engagement lies,” Newman added.

Polymarket Comeback to US Aligns With Growing Demand

Early this month, Polymarket announced its comeback in the US after nearly three years, following regulatory clearance from the CFTC.

The US agency fined Polymarket $1.4 million for operating an unregistered derivatives exchange in 2022, and blocking its US operations. However, US users continued accessing the site through VPNs, even after its official exit.