Crypto derivatives exchange Bitnomial completes $25 million financing, led by Ripple Labs

Odaily News Crypto derivatives exchange Bitnomial announced the completion of a $25 million financing led by Ripple Labs and launched Botanical, a perpetual futures trading platform in the United States, which is currently in closed beta. The platform will provide investors with trading methods for perpetual futures, traditional futures and options. Bitnomial CEO Luke Hoersten said the platform aims to provide a regulated and innovative trading experience and use Ripple's RLUSD stablecoin to settle perpetual futures. (The Block) Earlier news, Bitnomial sued the US SEC, questioning its regulatory authority over XRP futures. Bitnomial is regulated by the CFTC. After the SEC's lawsuit against Ripple ended, the company self-certified the XRP dollar futures contract in August, when a federal judge rejected the SEC's claim that XRP was a security. According to Bitnomial's lawsuit, the SEC contacted the exchange shortly after the lawsuit was filed, saying that XRP futures were "security futures" and were subject to the joint jurisdiction of the SEC and CFTC. If Bitnomial continues to be listed, it will violate federal securities laws. The SEC also said Bitnomial must comply with other requirements before listing XRP futures, including registering as a national securities exchange.