The DCO approval follows the Designated Contract Market (DCM) license that the CFTC granted to Gemini in December 2025, which Gemini had initially applied for in 2020.
Crypto News
The Commodity Futures Trading Commission (CFTC) has approved Gemini's application to operate as a Derivatives Clearing Organization (DCO), allowing the crypto exchange to clear its own derivatives trades without relying on a licensed third party. The license was granted to Gemini's Olympus unit and finalized on April 29, 2026.
With DCO status, Olympus can now handle settlement, collateral management, risk management, and trade guarantees for products on Gemini's Titan derivatives platform in-house. The company said removing third-party clearing could lead to cost reductions and gives it greater control over its product offerings.
Toward a Full-Stack CFTC Marketplace
Cameron Winklevoss, Gemini's co-founder and president, said the exchange now has a full-stack, end-to-end marketplace covering predictions, futures, and options. He described the license as a major building block toward a broader super app where users can fulfill their financial needs in one place.
The DCO approval follows the Designated Contract Market (DCM) license that the CFTC granted to Gemini in December 2025, which Gemini had initially applied for in 2020. Gemini has said it is working to secure a full suite of CFTC derivatives licenses, suggesting it is also pursuing a Futures Commission Merchant (FCM) license, though none was confirmed in the announcement.
Only 22 companies in the US currently hold DCO approval following Gemini's approval, a figure that reflects the credential's scarcity. Competitors Crypto(dot)com and Bitnomial already hold both a DCM and a DCO in-house. Kraken's parent company, Payward, agreed earlier in April 2026 to acquire Bitnomial for $550 million, while Coinbase is pursuing a DCO through a planned acquisition of The Clearing Company.
The license comes during a difficult period for Gemini. The company laid off more than a quarter of its staff earlier in 2026 and exited markets in Europe, the UK, and Australia. It also faces a class-action lawsuit from shareholders over its prediction market pivot and a $1.2 billion suit from New York state over alleged violations of state gambling law. The CFTC responded with a countersuit, arguing that prediction market platforms fall exclusively under federal jurisdiction.
GEMI shares climbed more than 6% on April 30, recently trading at around $4.40. The stock has recovered roughly 9% over the past month but remains down more than 55% year-to-date, following reported net losses of close to $600 million last year.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
