Coinbase, the US-based digital asset exchange, has launched a global cryptocurrency exchange aimed at eligible, non-US institutional traders. The new platform listed Bitcoin (BTC) and Ether (ETH) perpetual futures contracts, with all trades settled in stablecoin USD Coin (USD).
Currently, the platform only offers 5x leverage. Coinbase said that the move is a response to the increasing number of markets that are moving forward with regulatory frameworks to become crypto hubs.
Coinbase stated in a blog post:
Coinbase International Exchange listed BTC and ETH perpetual futures contracts earlier today. All trading is settled in USDC; no fiat on-ramps required. The contracts initially offer up to 5x leverage. Direct access trading via API is available to institutional clients in eligible, non-US jurisdictions. These products are not available to retail customers at this time.
However, the launch of the platform comes as US regulators tighten their grip on digital asset firms. Last month, Coinbase filed a lawsuit against the Securities and Exchange Commission (SEC) for not providing guidance on the cryptocurrency industry using its formal rulemaking process. This was followed by the SEC sending a Wells notice to Coinbase, stating that it has been violating the US securities law by offering unregistered securities.
In March, the Commodity Futures Trading Commission sued Binance and its CEO for allegedly operating an illegal crypto derivatives exchange in the US. Despite the regulatory crackdown in the US, Coinbase stated that it is committed to the country.
The exchange said:
Rest 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. We 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.
