DimeTrades applied for CFTC designation as a regulated prediction market exchange with Polymarket’s clearing, backed by a team with deep experience in derivatives regulation and market surveillance.
DimeTrades has formally applied to the Commodity Futures Trading Commission (CFTC) for designation as a regulated prediction market exchange, according to recent filings and company announcements. The platform, operated through exchange entity PredictCraft Mkt Inc., aims to list event contracts tied to outcomes across politics, sports, culture, commodities and other real-world developments, potentially adding a new entrant to the evolving U.S. prediction market landscape.
The application was announced last month on LinkedIn by founders Alan Galicot, Alexander Galicot and Joshua Nachassi, who described DimeTrades as a platform focused on transparency, integrity and clear market structure as it works through the federal approval process.
DimeTrades has applied for Designated Contract Market (DCM) status with the CFTC, which would allow the platform to operate a federally-regulated exchange authorized to list event-based contracts under federal oversight. The company’s filing is dated Feb. 11 and first appeared in the CFTC’s DCM portal on Feb. 24.
“We are excited for 2026, the year that we introduce our platform to everyone, but do it the right way, alongside the CFTC, to help shape the future of regulated prediction markets,” Alan Galicot said in the LinkedIn video announcement, where he is identified as DimeTrades’ CEO. “Keep an eye out for dimetrades.com, because we are coming.”
On Tuesday, DimeTrades announced the CFTC portal entry on LinkedIn, saying they are continuing to work to improve the product ahead of launch, should approval come through.
“Behind the scenes, our product and infrastructure continue to improve every day, and our team is strengthening the platform across technology, risk management, and surveillance,” the company wrote. “In the meantime, our user base has grown to 600,000+, and we remain focused on expanding that community responsibly as we prepare for launch.”
DimeTrades to use Polymarket’s clearing organization
DimeTrades’ filing materials submitted to the CFTC outline a traditional exchange-style structure built around contracts based on the outcome of specific events, using a central limit order book to match buyers and sellers. The proposed platform would list what the rulebook describes as “fully collateralized contracts,” meaning traders would fund positions upfront rather than trade on leverage, limiting potential losses to the amount invested.
The filing identifies QC Clearing LLC as the intended clearing organization, meaning it would sit between buyers and sellers to settle trades and manage financial risk. QC Clearing is part of QCEX, the CFTC-approved exchange and clearing group acquired by prediction market platform Polymarket last year.
The filing also references a market surveillance agreement with Eventus Systems, a provider of trade monitoring software used by exchanges, brokerages and digital asset platforms to detect potential manipulation, spoofing and other market integrity risks. Exchanges seeking CFTC designation are expected to maintain robust market surveillance, often supported by specialized monitoring technology.
The Dime Trades website currently says “coming soon” and lets prospective users sign up for the waitlist. The site also lays out some basics about the platform, with a heavy emphasis on compliance and safety, touting “bank-level security infrastructure” and “trusted financial partners.”
“Trade with confidence,” the site says. “Your security and fairness come first. Our platform is engineered with institution-grade systems so you can trade with complete peace of mind.”
Founders point to prior platform growth as foundation for new effort
In the announcement video, the DimeTrades founders pointed to prior experience operating a platform in what they described as a “similar industry.”
“In 2025, our team had great success in a similar industry, driving over $1 billion in annualized volume and acquiring over 500,000 users across the United States,” said Nachassi, who is labeled as the company’s Chief Technology Officer in the video.
“That success has taught us how to take a product from an idea and turn it into a well-oiled machine after mastering AML, financial infrastructure, fraud prevention, customer support, and customer experience at scale,” Galicot added.
Nachassi said those lessons are now being applied to DimeTrades, which he described as “designed from day one for long-term durability and transparency.”
The company has not publicly identified the platform referenced in the video. However, LinkedIn profiles for at least two of the founders show prior work tied to social gaming and related online platforms, including roles focused on payments infrastructure, compliance workflows and customer acquisition.
Regulatory and compliance expertise supporting DimeTrades
Beyond its founders’ operational experience, DimeTrades’ announcement highlighted a team of advisers and legal professionals with deep experience in derivatives regulation and market surveillance, a notable detail given the regulatory scrutiny around prediction markets.
Josh Sterling and Amanda Olear both come from Milbank LLP, a major law firm active in derivatives and financial regulatory matters.
Sterling, a former Director of the CFTC’s Market Participants Division, has represented top U.S. prediction platform Kalshi in high-profile litigation against the agency, including helping to secure a federal court decision vacating a CFTC order that had blocked the platform’s political event contracts. He has also been publicly involved in defending the legality of federally regulated event contracts amid broader disputes between prediction market operators and state regulators.
Olear spent many years within the CFTC’s leadership ranks, holding senior roles in divisions responsible for market oversight and compliance before joining Milbank. Her background gives DimeTrades direct access to expertise in how the agency approaches surveillance standards, compliance frameworks and enforcement expectations.
The LinkedIn announcement also referenced Thomas Benison and Justin Nathan, both of whom bring senior-level market structure and surveillance experience.
Benison’s background spans CFTC leadership, clearinghouse oversight and derivatives risk governance. He previously served as Senior Advisor and Chief Negotiator for International Agreements in the office of former CFTC Chairman Heath Tarbert. Benison has also held roles tied to derivatives clearing infrastructure, including serving on the board of ICE Clear Credit, a major credit derivatives clearinghouse, and he was on the risk committee at Intercontinental Exchange.
Nathan’s experience centers on market conduct and surveillance. He most recently served as Head of Surveillance at Glencore and previously held senior surveillance roles at Credit Suisse. Earlier in his career, Nathan led monitoring and surveillance functions at Macquarie Group, focusing on detecting market abuse and strengthening trade monitoring systems.
Prior involvement in DCM approval may inform DimeTrades review
Besides potentially setting up DimeTrades for a compliant, enduring future as a prediction exchange, bringing in advisers with direct CFTC backgrounds, market surveillance expertise and legal work tied specifically to prediction market platforms may also shape how the DCM application is prepared. Former regulators and attorneys familiar with event-contract markets often have a clearer understanding of the compliance frameworks, documentation and operational details the agency expects to see.
The CFTC’s review process for DCM applications can vary widely depending on the complexity of a proposal and the extent of follow-up from agency staff. Some exchange applications have reached designation in under a year, while others have taken considerably longer, and submissions that address regulatory requirements comprehensively can help limit additional rounds of questions.
In one recent example, derivatives exchange applicant Xchange Alpha secured CFTC designation roughly seven months after filing. Milbank, which advised the application, described it as the “fastest ever CFTC designation as a contract market.” Sterling and Olear were also a part of that advisory team, and the exchange’s chief regulatory officer, Bella Rozenberg, had previously spent years working at the CFTC.
While that background does not guarantee approval, prior involvement in successful exchange filings can help applicants anticipate areas of regulatory scrutiny as the review unfolds. That experience could position DimeTrades for a relatively efficient review, though the timeline will ultimately depend on the CFTC’s assessment.
Mike Breen
Mike Breen has been a professional writer and editor covering a wide range of topics for more than 30 years. He’s been a freelance gaming industry writer since 2020, reporting on sports betting, online casinos, and more for various Catena Media sites, and he began reporting on prediction market industry news in 2025 for Prediction News. Prior to that, Mike was a founding editor at his hometown altweekly newspaper in Cincinnati, Ohio, where he extensively covered local arts, music and news.Mike’s published writing has received recognition and several awards from organizations like the Society of Professional Journalists and the Association of Alternative Newsmedia.When Mike is not working, he enjoys playing and listening to music, attending comedy shows, watching movies, and spending time with his family and three cats.
