Facing numerous regulatory hurdles in the United States, the cryptocurrency exchange platform Coinbase advance with the launch of an international derivatives platform. On May 2, Coinbase announced the creation of Coinbase International Exchangean institutional platform for trading cryptocurrency derivatives.
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
(@coinbase) Registration of Bitcoin and Ethereum perpetual contracts
Coinbase International Exchange will begin its activities by registering the perpetual contracts Bitcoin (BTC) and Ethereum (ETH) later this week. All exchanges on the platform will be settled in USD Coin (USDC), the stablecoin supported by Coinbase, eliminating the need for fiat gateways. Access to direct trading on theexchange is available to institutional customers via application programming interfaces in the non-US jurisdictions eligible. Coinbase points out that the products are not available to retail customers at this time.
Bermuda Regulatory Support
The launch of this international platform of crypto currencies is supported by the regulators of the Bermuda. As previously reported, Coinbase was granted a license by the Bermuda Monetary Authority (BMA) in mid-April 2023. The Class F license allows Coinbase to operate a digital asset exchange platform, an exchange provider of derivatives of digital assets and conduct activities such as token sales and issuances.
Coinbase praised Bermuda’s regulatory environment for its high level of transparency, compliance and cooperation. Bermuda, an overseas territorysea self-governing British government with a parliamentary government, have taken a pro-crypto attitude and are increasingly optimistic about the industry.
Growing Crypto Presence in Bermuda
End of April, Miami International Holdingsoperator of the Bermuda Stock Exchange, acquired the remains of the crypto exchange FTX bankrupt. The company bought the exchange platform from futures contracts and options from FTX, as well as clearinghouse LedgerX, for $50 million. Despite failures in the industry like FTXBermuda Prime Minister and Finance Minister Edward Burt said that the government remains open to crypto currencies. Last year, local authorities also declared that Bermuda would maintain its ambitions as a crypto hub, despite the major bear crisis of 2022.
THE actions of Coinbase (COIN) have already been falling for several weeks. Over the past month, the company’s shares have plunged more than 20%, from a summit from nearly $72 in April to $50 today.
The first information about Coinbase’s future international cryptocurrency platform emerged just days before the company officially announced having received a notice from Wells of the United States Securities and Exchange Commission (SEC). In response, Coinbase filed a motion against the SEC on April 25, asking the regulator to clarify industry regulations.
The article Coinbase launches its international exchange in full conflict with the American SEC appeared first on Corner Academy
