Crypto.com's Nadex Registers With SEC for Stock Futures
by Maisie Morrison · BlockonomiTLDR
Table of Contents
- Crypto.com’s Nadex exchange filed a Form 1-N with the SEC, and the registration became effective September 14.
- The filing lets Nadex trade security futures products, but it does not approve any specific contract yet.
- Nadex named 10 proposed stocks for cash-settled futures, including Apple, Tesla, and Nvidia.
- Crypto.com CEO Kris Marszalek says the company is also working on single-stock perpetual futures with regulators.
- Coinbase, Kalshi, and CME are pursuing similar stock futures products in 2026.
Crypto.com’s U.S. derivatives arm has taken a new step toward offering stock futures. The North American Derivatives Exchange, known as Nadex, filed a Form 1-N with the Securities and Exchange Commission on September 14.
The registration became effective the same day it was filed. The SEC formally acknowledged receipt of the filing two days later, on September 16.
Nadex operates under the name Crypto.com Derivatives North America. The exchange is based in Chicago and has been a designated contract market under the Commodity Futures Trading Commission since 2004.
What the SEC Filing Actually Allows
This filing is a notice registration, not a full application that requires SEC approval through a vote. The SEC has said this type of filing does not mean it has reviewed or approved every rule or product tied to the exchange.
Nadex remains regulated separately by the CFTC as both a contract market and a clearing organization. The new SEC registration adds oversight specific to security futures.
Access to the new products will be limited. Only qualified exchange members can trade directly, and firms handling customer accounts must be registered as both futures commission merchants and broker-dealers.
Trades will run through an electronic system that matches orders by price and time. Clearing will happen through members connected to a registered clearing agency.
The 10 Stocks Named in the Filing
The Form 1-N lists 10 companies as proposed reference securities for cash-settled futures contracts. These are Apple, Advanced Micro Devices, Amazon, Alphabet, Meta Platforms, Microsoft, Micron Technology, Nvidia, Tesla, and SpaceX.
Nine of these companies are publicly traded. SpaceX is privately held, so its inclusion stands out from the rest of the list.
The filing does not state that any of these 10 contracts are trading yet. Nadex still needs to submit separate listing standards and terms before any contract can go live.
A proposed fee of $0.10 per one-share contract was included in the filing. Additional fees for data, connectivity, and regulatory costs may also apply to members.
Nadex noted in the filing that it had planned to launch security futures on September 9. That date came before the Form 1-N was even submitted, and no public announcement has confirmed that trading began then.
A check of the CFTC’s security futures database did not show certifications for the 10 contracts named by Nadex. CME, by comparison, already has certified security futures on stocks including Apple, Amazon, Nvidia, and Tesla dating back to June and July.
Crypto.com CEO Kris Marszalek separately said the company is working with the SEC and CFTC on single-stock perpetual futures. He described this as ongoing regulatory work rather than a launch.
Perpetual futures do not expire like standard futures contracts. They typically use funding payments to keep their price close to the underlying stock’s value.
Marszalek has not shared details on leverage, funding rates, or a timeline for the perpetual products. Because these contracts would track individual stocks, they would fall under the same joint SEC-CFTC framework as traditional security futures.
Other exchanges are pursuing similar paths. Coinbase Derivatives filed its own Form 1-N, and Kalshi has discussed plans for around 60 perpetual contracts tied to stocks and funds, including Tesla and Apple.
Nadex’s parent company also changed hands this year. OG Markets US acquired full ownership of the exchange on June 15, while day-to-day management stayed the same.
OG.com, the parent’s other brand, was valued at $5 billion following a Citadel Securities investment announced September 8. Robinhood also agreed to route prediction-market volume through OG.com as part of that deal.
For now, Nadex has not announced a launch date for any of the 10 named stock futures contracts.