According to @VanessaGrellet_, on Aug 28 the CFTC issued new guidance on Foreign Board of Trade (FBOT) registration. Source: @VanessaGrellet_. Under the FBOT framework, registered non-U.S. exchanges can offer direct access to U.S. participants subject to CFTC oversight and conditions, which is the mechanism this guidance addresses. Source: CFTC Foreign Boards of Trade program. According to @VanessaGrellet_, the update could reopen U.S. access to global markets, including crypto exchanges. Source: @VanessaGrellet_. For trading desks, market access changes will depend on which offshore venues obtain FBOT status and what products are permitted, as the CFTC maintains a public FBOT registration list and imposes product-level conditions. Source: CFTC FBOT registrations and conditions; @VanessaGrellet_. Near term, monitor exchange announcements and CFTC dockets for FBOT applications and approvals to gauge timing and scope of potential U.S. access to crypto derivatives. Source: CFTC FBOT process; @VanessaGrellet_.

According to @KookCapitalLLC, headlines about US citizens gaining access to Hyperliquid, Binance and other offshore exchanges should be viewed as bullish hype rather than a fundamental catalyst for perpetual futures markets (source: @KookCapitalLLC post on X, Aug 28, 2025). According to @KookCapitalLLC, past launches of perp products by Coinbase and Binance similarly created hype without improving user alignment, with these offerings allegedly trading against users (source: @KookCapitalLLC). According to @KookCapitalLLC, traders should treat such access and product-launch news as sentiment-driven and prioritize assessment of venue mechanics and alignment risks when positioning in perps (source: @KookCapitalLLC).

According to Crypto Rover (@rovercrc), the U.S. CFTC will soon issue guidance allowing U.S. users to trade on offshore crypto exchanges such as Binance, which the source characterizes as massive news. Source: @rovercrc on X, Aug 28, 2025. The post provides no accompanying CFTC document, rulemaking notice, or press release to verify the claim, and the source cites no additional evidence. Source: @rovercrc on X. Given the unverified status, traders should treat this as headline risk and monitor BNB, BTC, and offshore exchange volumes for volatility while awaiting any formal CFTC notice. Source: analysis based on @rovercrc on X.