"These moves will reshape how crypto trading is handled in the US and beyond," noted a market participant following announcements this week that clarify where crypto can be traded, who can provide access, and how offshore platforms fit in the regulatory landscape. The crypto world is witnessing a tightening grip as new rules pave clearer paths for brokers and exchanges within supervised markets while making unauthorized activities increasingly challenging.
BitMEX, a major player in crypto perpetuals, will shut down its US operations on September 23 after an internal strategic review, ending its 11-year chapter of offering perpetual contracts. Although the company hasn't directly linked this exit to evolving US regulations, recent developments have opened regulated routes for US-based brokers and exchanges to offer perpetual products. For example, Bitnomial and Kalshi are now able to list products on regulated US exchanges, and Coinbase Financial Markets offers access to qualifying Deribit contracts through its registered futures commission merchant. The specific access route depends heavily on where and how the product is listed.
Meanwhile, the SEC has settled a two-year-long Freedom of Information Act dispute with Coinbase by agreeing to pay $150,000 in legal fees. The dispute centered on lost text messages from former SEC Chair Gary Gensler during early crypto enforcement efforts, erased due to an automated data wipe policy. Though small in amount, this settlement highlights ongoing concerns about transparency in regulatory processes affecting crypto enforcement. This adds a layer of scrutiny to how enforcement policies are developed behind the scenes.
Meanwhile, this year witnessed major regulatory shifts abroad as well, notably in Russia. New legislation now mandates that crypto exchanges, offices, and custodians obtain licenses by July 1, 2027, with many provisions kicking in as early as September 2026. After this transition, banks will be required to block transfers outside authorized entities tightening control on crypto flows. Retail investors will also face new constraints, including suitability testing and an annual trading limit capped at around $4,000 per intermediary. These moves show a global trend toward more stringent oversight of crypto markets.
