Cboe Global Markets is considering reintroducing binary options for retail investors to compete in the rapidly growing prediction market sector, according to the Wall Street Journal. These contracts will pay a fixed return if a certain price condition is met at expiration, and expire worthless if not — similar to the “yes or no” model on prediction platforms.
Cboe previously listed this product in 2008 but canceled it due to lack of demand. Binary options have also faced warnings from the SEC and numerous fraud cases related to unregulated platforms. This time, Cboe emphasizes legal compliance, stating that the new contracts will be overseen by the SEC or CFTC.
The move comes as event trading is booming. In January, Kalshi and Polymarket recorded a combined volume of over $17 billion — a record high. Galaxy Research predicts the prediction market is entering a broader phase of adoption, although liquidity remains a challenge. Coinbase has begun offering a similar product through Kalshi, and Goldman Sachs is also exploring this field.
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