Coinbase Launches International Cryptocurrency Derivatives Exchange Amid Escalating Tensions with US
Updated: Jun 5
Coinbase Global Inc has made a significant move in the crypto industry, launching an international exchange for cryptocurrency derivatives on Tuesday.
This latest development comes as the company seeks to increase its global presence amidst mounting tensions between the crypto sector and U.S. regulators.
The new exchange will enable institutional users in eligible jurisdictions outside the U.S. to engage in perpetual futures trading, according to Coinbase. The digital assets industry has been slowly recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried's FTX crypto exchange.
Last month, Coinbase's CEO, Brian Armstrong, had warned that crypto firms would relocate to "offshore havens" unless the U.S. and Britain established clearer industry rules.
Coinbase, which is currently engaged in a tussle with the U.S. Securities and Exchange Commission, has stated that countries around the world are establishing themselves as crypto hubs thanks to responsible regulatory frameworks. The crypto exchange has called on the U.S. to take a similar approach, rather than relying on regulation by enforcement, which it says has hindered crypto development in the country.