Crypto.com Registers Nadex With SEC to Offer Single-Stock Futures Including SpaceX to US Traders

Crypto.com has moved its United States derivatives business closer to single-stock futures after North American Derivatives Exchange filed a Form 1-N with the SEC on September 14, with the notice registration becoming effective that same day.

Nadex, which Crypto.com acquired as part of its US derivatives expansion, filed under its legal name North American Derivatives Exchange, Inc., doing business as Crypto.com Derivatives North America. The SEC formally acknowledged receipt of the filing on September 16.

What Form 1-N actually does

The distinction matters for the factual status of the rollout. Under the SEC’s own rules, Form 1-N is a notice registration, not a conventional application requiring the Commission to approve the exchange through an affirmative vote. The SEC previously explained that the filing does not require it to make a specific determination that every exchange rule or proposed product complies with the Exchange Act.

The SEC notice says Nadex registered as a national securities exchange solely for trading security futures products under Section 6(g) of the Securities Exchange Act. Registration under Section 6(g) is available to a CFTC-designated contract market that limits its securities activity to security futures and certain permitted futures or options products. The SEC states that registration becomes effective at the same time as the notice is submitted, which puts Nadex’s effective registration date at September 14 rather than the September 16 acknowledgement date.

Nadex already operates under CFTC oversight. The regulator’s records list the Chicago-based exchange as a designated contract market dating to 2004, while its clearing arm is registered as a derivatives clearing organization permitted to clear margined futures and fully collateralized derivatives. Crypto.com has said it is working with both regulators on US single-stock perpetual futures products.

Ten reference securities, including SpaceX

The 515-page Form 1-N contains considerably more detail than the SEC’s two-page acknowledgement. Exhibit I says Crypto.com Derivatives North America plans cash-settled futures on individual equities and may later include exchange-traded funds. Its initial schedule names 10 proposed reference securities: Apple, Advanced Micro Devices, Amazon, Alphabet, Meta Platforms, Microsoft, Micron Technology, Nvidia, Tesla and SpaceX.

Nine are publicly traded companies, while SpaceX remains privately held, an inclusion that would extend pre-IPO exposure to US retail derivatives traders if the product reaches market. The filing does not say all 10 products are currently trading. It states that Nadex plans to submit listing standards, terms and conditions under Section 19(b)(7) of the Exchange Act before listing the security futures.

A separate operational exhibit says the exchange expects to charge 0.10 USD for each one-share security-futures contract, and may impose other regulatory, data, connectivity and related fees on qualified members. Direct security-futures access will be restricted to qualified exchange members. Firms carrying customer accounts for the products must be registered futures commission merchants and SEC-registered broker-dealers, while some market makers can connect through approved clearing members. Orders will run through a fully electronic matching system using price-and-time priority, accepting market and limit orders, with clearing taking place through qualified members connected to a registered clearing agency.

A crowded security-futures race

Crypto.com is not alone in chasing the hybrid space between crypto market structure and securities derivatives. Coinbase, Kalshi, Bitnomial and CME have all pursued similar security-futures registrations or product launches during 2026, as the boundary between crypto venues and traditional exchanges continues to blur.

The move also extends Crypto.com’s broader US push, which has included a stake swap with Robinhood in the prediction markets deal earlier this year. Single-stock futures would put the exchange in direct competition with offshore perps venues that already offer tokenized equity exposure, but inside a fully registered US regulatory perimeter.

For the SEC and CFTC, dual-registered venues like Nadex test how cleanly the agencies can share oversight of a single exchange. Section 6(g) registration was designed precisely for this overlap, allowing a CFTC market to add security futures without duplicating the full national securities exchange apparatus, but the number of crypto-linked firms now using the pathway suggests the joint framework is becoming a standard route rather than an exception.

No launch date for the proposed single-stock futures has been set, and the registration itself does not approve any specific contract for trading. Nadex must still file its listing standards before the first products can go live.

Prices at press time: BTC 77,409 USD, ETH about 2,500 USD, SOL about 105 USD, per CoinGecko data.