SEC Approves Binary Options Listing for 23 U.S.-Listed Companies, Including Coinbase, Robinhood, and MARA

According to CoinDesk, SEC Chair Paul Atkins issued a statement on October 13 approving a rule change filed by Cboe Global Markets. The change allows for the listing of binary options tied to the key performance indicators (KPIs) of 23 U.S. publicly traded companies. Crypto-related metrics include trading volume for Coinbase (COIN), customer count and revenue for Robinhood (HOOD), and bitcoin production for MARA Holdings (MARA). These contracts are cash-settled, European-style options that can only be exercised at expiration. Settlement data is sourced from documents filed with the SEC by the companies, rather than earnings presentation materials. Cboe plans to launch these contracts this month, with Robinhood expected to become the first broker to offer the product to retail investors. However, trading will not begin until the clearing firm Cboe Clear U.S. receives its provisional registration, as another related application remains under review.