Coinbase Launches International Crypto Exchange• May 2, 2023 10:33 pm • Comments
Coinbase has previously mentioned that they have been exploring options to diversify their business outside of the United States due to recent regulatory pressure.
It looks like the company is following through as it was revealed that the company has now launched an international crypto exchange.
This is part of Coinbase’s initiative to become a global crypto service provider where it can serve the many crypto hubs that are starting to appear around the world.
In addition to expanding outside of the US, the international exchange also allows for the trading of perpetual futures which is a new type of asset class that the exchange had not provided before.
Intuitional investors and traders outside the US will be able to take advantage of the new service rather than be restricted by harsh rules and regulations.
Today Coinbase launched Coinbase International Exchange @CoinbaseIntExch and will begin by offering BTC & ETH perpetual futures settled in USDC with up to 5x leverage to institutional clients in eligible jurisdictions outside of the U.S.https://t.co/OzhbgJlZ2K
— Coinbase 🛡️ (@coinbase) May 2, 2023
However, the firm has now decided to also focus on international markets, where many nations are trying to establish themselves as crypto hubs.
According to the details, the new international exchange will allow institutional users based in the US to trade perpetual futures.
Additionally, the exchange stated, “Building out a global perpetual futures exchange for digital assets will help support an updating of the financial system by making Coinbase’s trusted products and services more accessible to users of digital assets who live outside of the US.”
Coinbase International Exchange will have a high standard of customer protection alongside a robust risk management framework. The exchange listed BTC and ETH perpetual futures contracts earlier today, with all trades settled in USDC. The contracts will also initially offer 5x leverage.
The new international exchange will be settling trades using the USDC stable coin and will have all the security features that the original exchange has.
As Coinbase focuses on its global expansion strategy, it is also preparing for a legal battle against the SEC back in the United States.
Coinbase had asked the court to respond to its request to the SEC for clearer regulations, but that request has still not been answered by the agency.
As a result, the firm is taking proactive legal action against the SEC before the SEC decides to take legal action on them.
This proactive strategy will hopefully allow it to win its case against the SEC in court.
— Bitcoin News (@BTCTN) May 2, 2023
Coinbase has been in a war of words with the U.S. Securities and Exchange Commission and its chair Gary Gensler since the agency charged ex-Coinbase product manager Ishan Wahi and his brother Nikhil with insider trading in July 2022—and hinted in a court filing that nine digital assets on the exchange were unregistered securities.
In April, Coinbase asked a federal court to compel the SEC to respond to its request for clearer regulations.
Last week, Coinbase CEO Brian Armstrong took to Twitter to rally crypto community support for a campaign demanding clearer industry regulations—sharing that he minted a “Stand with Crypto” NFT from the Zora marketplace.
— Cointelegraph (@Cointelegraph) May 2, 2023
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