A Regulatory Bombshell On 28 August 2025, the U.S. Commodity Futures Trading Commission (CFTC) quietly dropped a bombshell: a new advisory on Foreign Board of Trade (FBOT) registration that gives offshore crypto exchanges a clear, lawful path back into the American market. After years of “regulation by enforcement,” Washington is signaling it wants the trading volume—and the traders—back.How We Got Here: From Exodus to InvitationThe Great Retreat Between 2022 and 2024, Binance, Bybit, OKX and...