Crypto trading platform CEX approved to enter the prediction market sector

On December 11, the crypto trading platform CEX Space Station, Inc. (stock ticker: GEMI) has been approved to enter the prediction market sector. It is reported that CEX received approval from the U.S. Commodity Futures Trading Commission (CFTC) this Wednesday to operate a “Designated Contract Market” (DCM). The prediction platform is named CEX Titan and will initially launch classic binary event contracts, which are simple yes/no questions about future events. CEX stated that in the future, the platform may expand into other derivatives markets regulated by the CFTC, such as crypto futures, options, and perpetual contracts. According to the disclosure, CEX first applied for a DCM license as early as March 10, 2020. However, the application at that time did not explicitly state that CEX planned to launch a prediction market platform. (A Designated Contract Market is a term that generally refers to most trading platforms registered and regulated by the CFTC.)