Coinbase has announced the launch of an international digital asset futures exchange, Coinbase International Exchange.
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 UShttps://t.co/OzhbgJlZ2K
— Coinbase 🛡️ (@coinbase) May 2, 2023
According to the statement, the firm recently received a license from the Bermuda Monetary Authority (BMA), where it registered a new organization.
The platform “will allow institutional users located in eligible jurisdictions outside the US to trade perpetual futures” with up to 5x leverage.
Bitcoin and Ethereum based derivatives are already available on Coinbase International Exchange.
“Coinbase is committed to partnering with global regulators with high regulatory standards that enable crypto to continually drive innovation, reinforcing our initiative to expand the world’s economic freedom,” the company blog says.
The company is still “committed to the United States”, but seeks to develop its business outside the jurisdiction in order to position itself as a cryptohub in the future.
“We would like the US to take the approach [BMA] instead of forced regulation, which led to a disappointing trend in the development of cryptocurrency in the country,” Coinbase noted.
Earlier, the US Securities and Exchange Commission (SEC) sent a notice to the exchange about an investigation regarding the listing procedure on the platform and its products – Coinbase Prime, Coinbase Wallet and the Coinbase Earn staking service.
In April, the company responded to the SEC claims by declaring its readiness to “resolutely defend itself.” Representatives of the platform also noted that due to the proceedings, the regulator may suffer reputational damage.
Recall that in May, a Coinbase client filed a lawsuit against the company, stating that its procedures KYC contrary to US law.
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