News and resources on digital currencies, crypto assets and crypto exchanges worldwide.
Coinbase opens international exchange

Coinbase opens international exchange

Crypto giant Coinbase has opened a derivatives exchange for institutional investors outside of the US as it seeks to reduce its reliance on its home market in the face of regulatory scrutiny.

The firm is taking advantage of its recently secured Class F license from the Bermuda Monetary Authority to operate open the new exchange in the territory.

Coinbase International Exchange will enable institutional users based in eligible jurisdictions outside of the US to trade perpetual futures, which accounted for nearly 75% of global crypto trading volume in 2022.

The move comes as Coinbase locks horns with American regulators. Last month CEO Brian Armstrong said that "anything is on the table" about a potential decision to move the company's headquarters out of the US.

Recently, the company also filed a suit against the Securities and Exchange Commission, asking a court to make the regulator respond to a petition from last year on the "rules to govern the regulation" of digital assets.

Says a blog on the launch of the new exchange: "Rest assured that Coinbase is committed to the US, but countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks to strategically position themselves as crypto hubs.

"We would like to see the US take a similar approach instead of regulation by enforcement which has led to a disappointing trend for crypto development in the US."

Comments: (0)