{"id":3633,"date":"2023-05-03T09:39:10","date_gmt":"2023-05-03T13:39:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/coinbase-debuts-international-exchange-following-feud-with-a-u-s-regulator\/"},"modified":"2023-05-03T09:39:11","modified_gmt":"2023-05-03T13:39:11","slug":"coinbase-debuts-international-exchange-following-feud-with-a-u-s-regulator","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3633","title":{"rendered":"Coinbase debuts international exchange following feud with a U.S. regulator"},"content":{"rendered":"
\n

The largest U.S.-based cryptocurrency exchange launched the Coinbase International Exchange, which will be open to institutional investors outside the U.S., following tension with the Securities and Exchange Commission over the past few weeks.\u00a0<\/p>\n

Institutional investors will be able to trade perpetual bitcoin and Ethereum perpetual futures with up to 5x leverage, Coinbase said in a blog post<\/u> announcing the debut of that exchange on Tuesday.\u00a0<\/p>\n

\u201cAs more and more markets are moving forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange,\u201d Coinbase said.\u00a0\u00a0\u00a0\u00a0<\/p>\n

Coinbase has been embroiled in a fight with the U.S. Securities and Exchange Commission following news that the exchange was served a Wells notice<\/u> in March.\u00a0<\/p>\n

A Wells notice is a letter from SEC staff saying that the agency is ready to recommend formal charges to the five-member commission.<\/p>\n

Coinbase said the notice included Coinbase Earn, Coinbase Prime and Coinbase Wallet.\u00a0<\/p>\n

The exchange responded to that Wells notice on April 19 in a 73-page submission<\/u>, arguing that the SEC has not \u201ccomplied with the law\u201d by allowing companies like Coinbase to register with the agency.\u00a0<\/p>\n

The exchange also separately sued the agency<\/u> last week to get the SEC to answer yes or no to Coinbase\u2019s rulemaking petition.\u00a0<\/p>\n

SEC Chair Gary Gensler has repeatedly said firms need to register with the agency and has said many cryptocurrencies are securities, falling under his agency\u2019s jurisdiction.\u00a0<\/p>\n

\u201cRest assured that Coinbase is committed to the US, but countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks to strategically position themselves as crypto hubs,\u201d Coinbase said on Tuesday in its post.\u00a0<\/p>\n

\u201cWe would like to see the US take a similar approach instead of regulation by enforcement which has led to a disappointing trend for crypto development in the US,” Coinbase said.\u00a0<\/p>\n

Coinbase\u2019s international move<\/h3>\n

The international exchange will allow institutional investors to trade \u201cperpetual futures,” which are derivatives contracts with no expiration date and are not allowed in the U.S., according to Investopedia.\u00a0<\/p>\n

\u201cBuilding out a global perpetual futures exchange for digital assets will help support an updating of the financial system by making Coinbase\u2019s trusted products and services more accessible to users of digital assets who live outside of the US,\u201d Coinbase said on Tuesday.\u00a0<\/p>\n

\u201cAs more and more markets are moving forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange,” Coinbase said.\u00a0<\/p>\n

Bitcoin and Ethereum perpetual futures contracts were listed on Tuesday, and are settled in USDC, the exchange said.\u00a0<\/p>\n

Those products are not available to retail customers, Coinbase said.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The largest U.S.-based cryptocurrency exchange launched the Coinbase International Exchange, which will be open to institutional investors outside the U.S., following tension with the Securities and Exchange Commission over the past few weeks.\u00a0 Institutional investors will be able to trade perpetual bitcoin and Ethereum perpetual futures with up to 5x leverage, Coinbase said in a […]<\/p>\n","protected":false},"author":1,"featured_media":3634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-3633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCoinbase debuts international exchange following feud with a U.S. regulator | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The largest U.S.-based cryptocurrency exchange launched the Coinbase International Exchange, which 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