Coinbase launches international exchange for Bitcoin futures trading

Coinbase announced the launch of the international futures exchange for digital assets — Coinbase International Exchange.

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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 U.S.https://t.co/OzhbgJlZ2K

— Coinbase ?️ (@coinbase) May 2, 2023

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According to the statement, the firm recently obtained a license from the Bermuda Monetary Authority (BMA), where it registered the new entity.

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The platform \”will allow institutional users in suitable jurisdictions outside the United States to trade perpetual futures\” with up to 5x leverage.

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Bitcoin- and Ethereum-based derivatives are already available on Coinbase International Exchange.

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\”Coinbase seeks to work with global regulators under high regulatory standards that allow crypto technologies to continually spur innovation, reinforcing our initiative to expand economic freedom worldwide,\” the company’s blog said.

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The company remains committed to the United States, but aims to grow its business outside that jurisdiction to position itself as a crypto hub in the future.

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\”We would like the United States to adopt the approach [BMA] rather than coercive regulation that has led to an unsatisfactory trend in cryptocurrency development in the country,\” Coinbase said.

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Earlier, the U.S. Securities and Exchange Commission (SEC) sent a notice to the exchange regarding an investigation into the listing procedure on the platform and its products — Coinbase Prime, Coinbase Wallet, and staking service Coinbase Earn.

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In April, the company responded to the SEC’s claims, stating its readiness to \”vigorously defend itself.\” Platform representatives also noted that due to the investigations, the regulator could suffer reputational damage.

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As a reminder, in May a Coinbase client filed a lawsuit against the company, alleging that its KYC procedures violate U.S. law.