The Commodity Futures Trading Commission has taken a step that could make it easier for some overseas crypto exchanges to legally offer derivatives to American traders, a move that could reopen a path back into the U.S. for firms like Binance Holdings Ltd.

The agency issued an advisory clarifying how foreign platforms can register as so-called foreign boards of trade, provided they are fully licensed to offer derivatives in regulatory regimes that the CFTC deems comparable to U.S. levels of oversight.

“American companies that were forced to set up shop in foreign jurisdictions to facilitate crypto asset trading now have a path back to U.S. markets,” acting CFTC Chairman Caroline Pham said in a statement accompanying the advisory announcement.

Pham’s statement and the advisory came on th

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