Active traders who hold over 25 contracts in any crypto futures market at market close may receive a routine email from the CFTC requesting completion of the "Statement of Reporting Trader" Form 40.
Reaching a reporting level doesn’t guarantee receiving a Form 40 request, but traders who do receive a request should complete it promptly to avoid CFTC action. Note that this is a routine process and not indicative of wrongdoing, and different reporting thresholds apply to non-crypto contracts like gold, oil, and silver.
The CFTC email includes a 9-digit code, a portal link, a due date, and additional instructions. Example:
Instructions to submit a Form 40
These instructions are for individual retail traders who are trading only through Coinbase Financial Markets (CFM) and on their own behalf with no parent body, subsidiary body, or outside controlling party. If you are part of an institution trading Coinbase derivatives, please reach out to your client services manager for guidance.
Visit https://portal.cftc.gov/ and accept the terms.
From the sign-in screen, select Request an account.
Complete the New User Request Form.
For Organization Type, select LTR (Large Trader).
For CFTC Code Number, enter the 9-digit code from the CFTC email.
For Submission Type, select Form 40.
Complete the remaining fields, enter the validation code, and select Submit.
Note: You’ll be asked to verify your phone number and email address via a verification code.
It will take two business days for the CFTC to verify and approve your account. After you’re approved, return to https://portal.cftc.gov/ and sign in with your credentials to fill out Form 40.
Item/ Question | Instructions | Image |
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1 | For Reporting Trader Type, select Natural Person, then fill out the rest of the required fields. You can skip the non-required fields. Your CFTC code number should be pre-filled |
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2-4 | Answer Yes to each question |
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5-6 | Answer No to 5 and 6 (note that CFM is not a foreign broker). |
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7 | N/A | N/A |
8-13 | No information is required for 8-12. Answer No for 13. |
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14-16 | Answer No to 14-16 (CFM doesn’t currently offer commodity index trading or swaps). |
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17 | Select the following: • Sector: Financial Institutions and Investment Management • Subsector: Other Financial or Trading Entities - Individual Trader/ Investor |
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18 | Select the commodity group that applies to your trading based on the following contract types: • Any cryptocurrency futures contract: Select Other (Cryptocurrency) • Gold Futures, Silver Futures: Select Precious Metals • Nano Crude Oil Futures: Select Petroleum and Products Note: You can select more than one group. For Purpose, select Establishing Price Exposure. |
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Final | Check the authorization box. Complete your name and position (you can enter Retail trader for position). For Reporting Trader Name, enter your name again. Select Submit. |
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For more information and assistance, visit the CFTC’s FAQ page.
To learn more about futures, go to our full list of Coinbase futures articles.