Eligibility
WarningConfirm with local counsel. This page is general guidance, not legal advice. Eligibility and any local professional-investor test turn on your jurisdiction and your firm's facts. Confirm your status with qualified counsel in your country before you trade.
CRX trades only with Eligible Contract Participants (ECPs): institutions with US$10M+ in total assets, or US$1M+ in net worth when hedging a business exposure. CRX is a U.S. corporation open to any ECP; outside the U.S. an entity may also have to meet local requirements, stated in the table below. ECP is the floor, not the whole gate. Retail is excluded.
Before a wallet can trade, a firm clears onboarding:
- ECP verification
- KYC
- an OFAC sanctions screen
- adherence to the ISDA Master Agreement and CSA
On clearance the wallet joins an on-chain allowlist the contract checks before any trade binds. The table below states the gate, the qualifying thresholds, and any local professional-investor classification per market.
JurisdictionGate on top of ECPRequirements
- Eligible Contract Participant (ECP) under Commodity Exchange Act (CEA) §1a(18). There is no second gate - the federal ECP test is the entire check.
- Qualifies with total assets above US$10 million, or net worth above US$1 million when the trade hedges a commercial risk of the business.
Notes
- The participant attests to ECP status before trading. No local professional-investor overlay applies.
Requirements
- Professional client under MiFID II (EU Markets in Financial Instruments Directive II). Per-se: credit institutions, investment firms, insurers, funds, large undertakings.
- A large undertaking meets two of three: €20M balance sheet, €40M net turnover, €2M own funds.
Notes
- Every counterparty holds a valid Legal Entity Identifier (LEI), a 20-character entity code. No LEI, no trade.
Requirements
- Professional client under Financial Conduct Authority (FCA) rules implementing UK MiFIR - the retained, post-Brexit MiFID framework.
- Same substance as the EU test: per-se professionals plus large undertakings at the same size thresholds.
Notes
- Every counterparty holds a valid Legal Entity Identifier (LEI), a 20-character entity code.
Requirements
- Clears the Securities and Commodities Authority (SCA) client-classification rules - the federal UAE regulator outside the DIFC and ADGM free zones.
- Professional Investor: experience to assess risk (natural-person floor ~AED 4M net assets). Qualified Investor: governments, international bodies, licensed institutions, and corporates meeting size tests.
Notes
- Either classification is sufficient at the eligible booking point.
Attestation is not verification
A participant attests to its ECP status by representation in the onboarding agreement. This is the standard ISDA mechanism for establishing that status.
CRX does not rest on the attestation alone. Each firm is verified against the test before its wallet joins the on-chain allowlist. The allowlist admits a firm only once its status is established in fact, not on a self-asserted checkbox.
Other jurisdictions
CRX onboards firms in jurisdictions beyond the table case by case, with local counsel, provided the firm meets the ECP floor and any local professional-investor test. Contact CRX to begin that review.
Glossary
| Term | Meaning |
|---|---|
| ECP | Eligible Contract Participant: the regulatory category a firm must meet to trade. |
| KYC | Know Your Customer: the identity and ownership checks run on a firm before onboarding. |
| LEI | Legal Entity Identifier: a 20-character entity code required in several jurisdictions. |