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Bermuda, Bitcoin, Coinbase, Compliance Standards, Cryptocurrency Exchange, Ethereum, Institutional Users, International Exchange, Perpetual Futures, Regulatory Framework, SEC, USDC
Coinbase Launches International Exchange for Bitcoin and Ether Perpetual Futures – Bitcoin News
Coinbase, the San Francisco-based cryptocurrency exchange, recently announced the launch of a new service called Coinbase International Exchange. The new platform will enable institutional users outside the US to trade bitcoin and ethereum perpetual futures. The company stated in a tweet that the service will begin by offering perpetual futures settled in USDC with up to 5x leverage to institutional clients in eligible jurisdictions.
Coinbase Reveals Bitcoin and Ethereum Perpetual Futures Settled in USDC with Up to 5x Leverage
The launch of Coinbase International Exchange follows the company’s approval to operate its digital currency operations in Bermuda, which was granted by the Bermuda Monetary Authority (BMA).
In a blog post, Coinbase noted that “building out a global perpetual digital asset futures exchange will help support an update of the financial system by making Coinbase’s trusted products and services more accessible to digital asset users living outside [United States].”
Coinbase added:
As more and more markets move forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange.
The company insists that the Coinbase International Exchange provides a “settlement framework that meets strict compliance standards” and will include real-time 24/7 trading and liquidity provided by external market participants.
The announcement comes after Coinbase received a Wells notice from the US Securities and Exchange Commission (SEC) for potential violations. Following the notice, Coinbase filed a lawsuit against the SEC for lack of regulatory clarity and also shared its Wells response with the public shortly thereafter.
Coinbase notes that while other jurisdictions are moving forward with regulatory frameworks for crypto going forward, they would like to see the US take a similar approach rather than regulation by enforcement, which has led to a disappointing trend for crypto development in the country.
What impact do you think the launch of the Coinbase International Exchange will have on the institutional use of cryptocurrencies outside the US? Share your thoughts on this topic in the comments section below.
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