SGX opens Bitcoin, Ethereum perpetual futures to U.S. institutions

Singapore Exchange opened Bitcoin and Ethereum perpetual futures trading to U.S. institutional investors after receiving approval from the U.S. Commodity Futures Trading Commission. Under Rule 48.10, the move gives traditional U.S. financial capital direct access to Asian liquidity pools without separate exchange registration. SGX said its crypto perpetual futures have no expiry, but unlike crypto-native exchanges, they use margin calls and collateral top-ups instead of forced automatic liquidation, a structure aimed at preventing cascades of liquidations during sharp volatility. It also limited the use of stablecoins as collateral in light of depegging risks. Over the next few months, SGX plans to accelerate institutional onboarding through U.S. clearing members and gradually expand its lineup to include dated futures and options.