DimeTrades Files for CFTC Exchange Status, Backed by Kalshi Attorneys

DimeTrades has formally utilized to the Commodity Futures Trading Commission (CFTC) for designation as a regulated prediction market alternate, in accordance with current filings and firm bulletins. The platform, operated by alternate entity PredictCraft Mkt Inc., goals to checklist occasion contracts tied to outcomes throughout politics, sports activities, tradition, commodities and different real-world developments, probably including a brand new entrant to the evolving U.S. prediction market panorama.

The software was announced last month on LinkedIn by founders Alan Galicot, Alexander Galicot and Joshua Nachassi, who described DimeTrades as a platform targeted on transparency, integrity and clear market construction as it really works by the federal approval course of. 

DimeTrades has utilized for Designated Contract Market (DCM) standing with the CFTC, which might enable the platform to function a federally-regulated alternate licensed to checklist event-based contracts below federal oversight. The firm’s submitting is dated Feb. 11 and first appeared within the CFTC’s DCM portal on Feb. 24.

“We are excited for 2026, the 12 months that we introduce our platform to everybody, however do it the best method, alongside the CFTC, to assist form the way forward for regulated prediction markets,” Alan Galicot stated within the LinkedIn video announcement, the place he’s recognized as DimeTrades’ CEO. “Keep an eye fixed out for dimetrades.com, as a result of we’re coming.”

On Tuesday, DimeTrades introduced the CFTC portal entry on LinkedIn, saying they’re persevering with to work to enhance the product forward of launch, ought to approval come by.

“Behind the scenes, our product and infrastructure proceed to enhance daily, and our staff is strengthening the platform throughout know-how, threat administration, and surveillance,” the corporate wrote. “In the meantime, our consumer base has grown to 600,000+, and we stay targeted on increasing that neighborhood responsibly as we put together for launch.”

DimeTrades to make use of Polymarket’s clearing group

DimeTrades’ submitting supplies submitted to the CFTC define a conventional exchange-style construction constructed round contracts based mostly on the result of particular occasions, utilizing a central restrict order ebook to match consumers and sellers. The proposed platform would checklist what the rulebook describes as “totally collateralized contracts,” that means merchants would fund positions upfront slightly than commerce on leverage, limiting potential losses to the quantity invested.

The submitting identifies QC Clearing LLC because the meant clearing group, that means it might sit between consumers and sellers to settle trades and handle monetary threat. QC Clearing is a part of QCEX, the CFTC-approved alternate and clearing group acquired by prediction market platform Polymarket final 12 months.

The submitting additionally references a market surveillance settlement with Eventus Systems, a supplier of commerce monitoring software program used by exchanges, brokerages and digital asset platforms to detect potential manipulation, spoofing and different market integrity dangers. Exchanges searching for CFTC designation are anticipated to keep up strong market surveillance, usually supported by specialised monitoring know-how.

The Dime Trades web site at the moment says “coming quickly” and lets potential customers enroll for the waitlist. The website additionally lays out some fundamentals concerning the platform, with a heavy emphasis on compliance and security, touting “bank-level safety infrastructure” and “trusted monetary companions.” 

“Trade with confidence,” the location says. “Your safety and equity come first. Our platform is engineered with institution-grade methods so you may commerce with full peace of thoughts.” 

Founders level to prior platform progress as basis for new effort

In the announcement video, the DimeTrades founders pointed to prior expertise working a platform in what they described as a “related business.”

“In 2025, our staff had nice success in an identical business, driving over $1 billion in annualized quantity and buying over 500,000 customers throughout the United States,” stated Nachassi, who’s labeled as the corporate’s Chief Technology Officer within the video.

“That success has taught us how one can take a product from an concept and switch it right into a well-oiled machine after mastering AML, monetary infrastructure, fraud prevention, buyer assist, and buyer expertise at scale,” Galicot added.

Nachassi stated these classes at the moment are being utilized to DimeTrades, which he described as “designed from day one for long-term sturdiness and transparency.”

The firm has not publicly recognized the platform referenced within the video. However, LinkedIn profiles for no less than two of the founders present prior work tied to social gaming and associated on-line platforms, together with roles targeted on funds infrastructure, compliance workflows and buyer acquisition.

Regulatory and compliance experience supporting DimeTrades

Beyond its founders’ operational expertise, DimeTrades’ announcement highlighted a staff of advisers and authorized professionals with deep expertise in derivatives regulation and market surveillance, a notable element given the regulatory scrutiny round prediction markets.

Josh Sterling and Amanda Olear each come from Milbank LLP, a significant legislation agency energetic in derivatives and monetary regulatory issues. 

Sterling, a former Director of the CFTC’s Market Participants Division, has represented prime U.S. prediction platform Kalshi in high-profile litigation towards the company, together with serving to to safe a federal court docket choice vacating a CFTC order that had blocked the platform’s political event contracts. He has additionally been publicly concerned in defending the legality of federally regulated occasion contracts amid broader disputes between prediction market operators and state regulators.

Olear spent a few years throughout the CFTC’s management ranks, holding senior roles in divisions accountable for market oversight and compliance earlier than becoming a member of Milbank. Her background provides DimeTrades direct entry to experience in how the company approaches surveillance requirements, compliance frameworks and enforcement expectations.

The LinkedIn announcement additionally referenced Thomas Benison and Justin Nathan, each of whom convey senior-level market construction and surveillance expertise.

Benison’s background spans CFTC management, clearinghouse oversight and derivatives threat governance. He beforehand served as Senior Advisor and Chief Negotiator for International Agreements within the workplace of former CFTC Chairman Heath Tarbert. Benison has additionally held roles tied to derivatives clearing infrastructure, together with serving on the board of ICE Clear Credit, a significant credit score derivatives clearinghouse, and he was on the danger committee at Intercontinental Exchange.

Nathan’s expertise facilities on market conduct and surveillance. He most lately served as Head of Surveillance at Glencore and beforehand held senior surveillance roles at Credit Suisse. Earlier in his profession, Nathan led monitoring and surveillance features at Macquarie Group, specializing in detecting market abuse and strengthening commerce monitoring methods.

Prior involvement in DCM approval could inform DimeTrades evaluate 

Besides probably establishing DimeTrades for a compliant, enduring future as a prediction alternate, bringing in advisers with direct CFTC backgrounds, market surveillance experience and authorized work tied particularly to prediction market platforms might also form how the DCM software is ready. Former regulators and attorneys acquainted with event-contract markets usually have a clearer understanding of the compliance frameworks, documentation and operational particulars the company expects to see.

The CFTC’s evaluate course of for DCM functions can differ broadly relying on the complexity of a proposal and the extent of follow-up from company employees. Some alternate functions have reached designation in below a 12 months, whereas others have taken significantly longer, and submissions that tackle regulatory necessities comprehensively may also help restrict extra rounds of questions.

In one current instance, derivatives alternate applicant Xchange Alpha secured CFTC designation roughly seven months after filing. Milbank, which suggested the applying, described it as the “quickest ever CFTC designation as a contract market.” Sterling and Olear have been additionally part of that advisory staff, and the alternate’s chief regulatory officer, Bella Rozenberg, had beforehand spent years working on the CFTC.

While that background doesn’t assure approval, prior involvement in profitable alternate filings may also help candidates anticipate areas of regulatory scrutiny because the evaluate unfolds. That expertise may place DimeTrades for a comparatively environment friendly evaluate, although the timeline will in the end depend upon the CFTC’s evaluation.

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