The US derivatives regulator is reviewing foreign trading platforms that allow people located in the US to directly access their electronic trading systems, according to an agency official familiar with the matter.

The Commodity Futures Trading Commission is examining foreign boards of trade, or FBOTs, to determine whether the platforms are properly managing risks and maintaining market integrity. The review is not focused on any specific exchange, the official said.

FBOT status allows a foreign exchange to provide direct access to US traders without separately applying for a US license, as long as its home regulator has an information sharing arrangement with the CFTC and its rules are considered comparable with US standards.

Roughly two dozen foreign platforms hold the designation, including the London Metal Exchange, the Tokyo Commodity Exchange, and Singapore based Abaxx Exchange, which received CFTC approval in November.

Some CFTC officials have raised concerns about oversight of FBOTs with larger US trader participation, the official said. The agency plans to meet with exchange leaders and clearinghouses as part of the evaluation, which could result in some foreign platforms being asked to register directly with the US regulator.

The review would be the first formal evaluation of the framework since it was created after the 2008 financial crisis under the Dodd Frank Act.

The move comes as the CFTC has been revisiting cross border market access rules at a time when crypto derivatives trading remains heavily concentrated on offshore platforms. The agency said last year that FBOT registration applies across asset classes, including digital asset markets, giving foreign exchanges a regulated pathway to serve US based participants under CFTC oversight.