The Commodity Futures Trading Commission has issued a fresh advisory to clarify how Americans can legally access offshore crypto exchanges, reaffirming a registration pathway for foreign trading platforms that offer digital asset services. The Division of Market Oversight released the guidance on foreign board of trade (FBOT) registration in a move announced by Acting Chairman Caroline Pham, restoring regulatory clarity after years of uncertainty.

The advisory explicitly applies to exchanges located outside the United States, including those that list cryptocurrencies such as Bitcoin and Ethereum. The CFTC said the FBOT pathway gives U.S. users a clear route to trade on offshore platforms that meet registration standards, while reinforcing protections through CFTC oversight. The agency framed the action as part of an ongoing “crypto sprint” under the current administration, characterizing it as supportive of market choice, increased liquidity, and investor safety.

Regulatory confusion built up over decades amid varied enforcement approaches from prior administrations, and that uncertainty disrupted access and raised concerns about inconsistent treatment of offshore venues. The new advisory is intended to end that ambiguity by reaffirming the FBOT framework as the official channel for offshore platforms seeking to serve U.S. customers. The CFTC noted that Americans have legally traded on foreign exchanges registered under the FBOT process since the 1990s, and the advisory clarifies that crypto exchanges can now follow the same route.

Key questions remain unresolved. The advisory does not yet specify whether foreign crypto exchanges must register as designated contract markets (DCMs) or under the FBOT designation, and the agency indicated that further clarity may come through forthcoming Senate draft guidance directed at the CFTC. As markets evolve and investor demand for greater accessibility grows — including in DeFi, derivatives, and spot trading — clear and consistent rules will be essential.

• Registration classification: DCM vs. FBOT — which will be required for foreign crypto venues?
• Timing and scope of the forthcoming Senate draft guidance to the CFTC.
• How evolving product types (DeFi, derivatives, spot trading) will be treated under the framework.
• Implications for U.S. firms that relocated operations overseas and for traders seeking regulated offshore access.

For U.S. firms that moved operations overseas and for traders seeking regulated offshore access, the advisory signals a formal pathway back to U.S.-aligned markets. Market participants should monitor legislative and supervisory developments closely as the CFTC and lawmakers work to pin down precise registration requirements and next steps for offshore digital-asset venues.