Coinbase Debuts Offshore Exchange With Bitcoin And Ethereum Perpetual Futures Amid Regulatory Challenges In The US

Coinbase Debuts Offshore Exchange With Bitcoin And Ethereum Perpetual Futures Amid Regulatory Challenges In The US
фото показано с : zycrypto.com

2023-5-3 22:52

Coinbase today announced the launch of a global derivatives platform as the U.S.-based cryptocurrency exchange faces harsh regulatory crackdown at home. 

The new facility, Coinbase International Exchange (CIE), follows regulatory approval from the Bermuda Monetary Authority (BMA) and will start trading by listing bitcoin and ether perpetual futures.

Coinbase Rolls Out Offshore Perps Exchange With 5X Leverage

Coinbase has set up shop in Bermuda as it battles regulators in the U.S., its home market.

The firm said Tuesday that it would allow international clients to trade perpetual futures out of Bermuda via an application programming interface (API) in eligible, non-U.S. jurisdiction. Dubbed Coinbase International Exchange, the new venture will not be open to U.S. users.

The platform will first let traders bet on the price of Bitcoin and Ether through so-called perpetual futures with leverage capped at 5%. All trading on the new platform will be settled in the USDC stablecoin.

Very excited to see @coinbase International Exchange launch. Highly competitive, excellent execution and product quality, and USDC as the sole native digital dollar used for funding, collateral and trading. Congrats @brian_armstrong!

— Jeremy Allaire (@jerallaire) May 2, 2023

The move marks Coinbase’s latest foray into crypto perps trading, one of the most popular sectors accounting for nearly 75% of global crypto trading volume in 2022, according to a blog post by the firm.

Unlike traditional futures, where buyers and sellers are forced to enforce the deal on a specified date despite the prevailing market conditions, perpetual futures don’t have an expiration period, meaning that traders can hold their positions infinitely.

Regulatory Shakeup In The U.S.

There have been recent headwinds in the regulatory regime in the U.S. Coinbase has been publicly feuding with the U.S. Securities and Exchange Commission since the watchdog agency charged former Coinbase product manager Ishan Wahi and his brother Nikhil with insider trading in July 2022 — and sent the exchange a Wells Notice in March.

The publicly-traded company emphasized that it is still committed to the United States, but noted that countries across the globe are increasingly moving forward with responsible, crypto-forward regulatory rulebooks as they endeavor to fortify their positions as themselves as hubs for crypto.

“We would like to see the U.S. take a similar approach instead of regulation by enforcement, which has led to a disappointing trend for crypto development in the U.S.,” Coinbase stated. “The Coinbase International Exchange is an expansion, bringing the safest, most trusted name in crypto to the global market.”

The ongoing regulatory crackdown in America has forced other exchanges to expand overseas. Bittrex recently shuttered its stateside operations shortly before being sued by the SEC. And today, rival Gemini also announced that it would offer derivatives trading to customers in 30 countries and territories.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) на Currencies.ru

$ 0.0054306 (-0.25%)
Объем 24H $1.742k
Изменеия 24h: 1.41 %, 7d: -8.63 %
Cегодня L: $0.0053635 - H: $0.0055227
Капитализация $6.099m Rank 99999
Доступно / Всего 1.123b SAFEX

regulatory exchange coinbase platform derivatives global -based

regulatory exchange → Результатов: 126


BNB Market Cap Down By 25% In June Amidst Binance Regulatory Pressure

BNB, a native token of the Binance exchange, has seen a massive decline in its market shares following the global regulatory pressure on the trading platform.   Binance began experiencing regulatory troubles on June 5, when the United States Securities and Exchange Commission (SEC) filed a lawsuit against the exchange on the allegations of fraud and offering of unregistered securities, among others, and this has affected the performance of the cryptocurrency.

2023-6-29 00:00


Kraken gets regulatory approval to operate in Ireland

Kraken secured a virtual asset service provider (VASP) license from the Central Bank of Ireland on April 18. The license allows the crypto exchange to operate in the country legally. Kraken said the approval shows that it adheres to strict anti-money laundering and terrorism financing rules and added that the license is proof of its […] The post Kraken gets regulatory approval to operate in Ireland appeared first on CryptoSlate.

2023-4-19 21:24


P2P Crypto Exchange Paxful Bites The Dust, Here’s More About It!

Paxful, a reputable P2P cryptocurrency exchange, has suspended its operations. The exchange was a prominent player in the market due to its high trading volume. The decision was announced by the company’s founder and CEO, Ray Youssef, who attributed the suspension to regulatory challenges in the industry and the departure of key personnel. Related Reading: Binance […]

2023-4-5 23:30