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NFA approves Underdog affiliate UDM LLC for FCM and swap-firm status

Licences & markets

The National Futures Association approved Underdog-affiliated UDM LLC to operate as a futures commission merchant and swap firm on 9 January. UDM is listed as an inactive member, and the approval is a step towards operating as a Commodity Futures Trading Commission-sanctioned FCM; Underdog has offered event contracts through a Crypto.com technology deal.

The approval could allow Underdog to work with designated contract markets beyond its existing Crypto.com arrangement.

Earlier licence decisions by Commodity Futures Trading Commission

DateCompanyAmountStoryAppeal status
KalshiNot statedKalshi explores potential Brazil prediction-market entry in 2026Not stated
GeminiNot statedGemini launches prediction markets across 50 US statesNot stated
Matchbook, EasybetNot statedMatchbook plans UK prediction-market launch under existing licenceNot stated
GeminiNot statedCFTC approves Gemini Titan prediction markets licenceNot stated
GeminiNot statedCFTC approves Gemini as a designated contract market in the USNot stated

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