Blockchain.com, Binance US join prediction market race as crypto trading slows

Binance US and Blockchain.com are the latest contenders looking to enter the U.S. prediction market industry and has reportedly applied for regulatory approval to offer event contracts. Summary Binance US has reportedly applied for regulatory approval to offer prediction markets in the United States. Coinbase, Crypto.com, Gemini and Bullish are among the cryptocurrency companies pursuing prediction markets through regulatory applications, partnerships or their own trading platforms. Crypto exchanges are expanding their product offerings as falling cryptocurrency prices and weaker trading activity put pressure on revenue from traditional digital asset services. Regulatory disputes remain a concern for prediction market operators, with Michigan regulators saying Coinbase has agreed to stop offering event contracts to customers in the state. According to a Financial Times report citing a person familiar with the matter, British cryptocurrency company Blockchain.com applied for a US license last week to offer regulated event contracts, while Binance US recently submitted its own application. Both companies are joining an increasingly crowded market where established exchanges, includin...