Coinbase Launches International Exchange for Bitcoin and Ether Perpetual Futures – The San Francisco-based cryptocurrency exchange, Coinbase, has recently introduced a new offering known as Coinbase International Exchange. This platform has been designed to allow institutional users residing outside of the United States to participate in bitcoin and ethereum perpetual futures trading.
As per a tweet by the company, this service will initially provide perpetual futures that are settled in USDC and offer up to 5x leverage to institutional clients who meet certain criteria. This announcement comes after the Bermuda Monetary Authority (BMA) authorized Coinbase to operate its digital currency operations in Bermuda. In a blog post, Coinbase noted that “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 United States.”
Coinbase added: “As more and more markets are moving forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange.” According to the company, the Coinbase International Exchange guarantees a liquidation system that adheres to strict compliance norms, along with round-the-clock real-time trading and external market makers who will ensure sufficient liquidity. After receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC) regarding possible violations, Coinbase made an announcement.
The company not only filed a lawsuit against the SEC for insufficient regulatory clarity but also made its Wells response public. Coinbase has observed that while several other countries are implementing progressive crypto regulations, the United States seems to be relying on enforcement-based regulations, which have resulted in an unfavorable environment for crypto growth in the country. The company would prefer that the United States adopt a similar crypto-friendly regulatory approach.