Coinbase has launched a global
cryptocurrency derivatives exchange days after disclosing that it was going
offshore with a Bermuda license. The US-based digital asset exchange said the new
platform is only open to only eligible, non-US institutional traders.
The new platform on
Tuesday listed Bitcoin (BTC) and Ether (ETH) perpetual futures contracts,
Coinbase said in a blog post, adding that the platform currently only offers 5x
leverage, with all trades settled in stablecoin USD Coin (USD).
It’s official! Coinbase International Exchange is here. Institutional traders in eligible non-US jurisdictions now have access to trade perpetual futures settled in USDC with up to 5x leverage.
Read more about our announcement ⬇️https://t.co/vrIfK999ompic.twitter.com/E5ssl8NBz3
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) May 2, 2023
“As 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.
Earlier on Monday, Gemini’s non-US
derivatives trading platform, Gemini Foundation, also went live days after its launch, opening with BTC perpetual contracts denominated
in stablecoin Genimi dollar (GUSD). The Winklevoss twins-owned platform is
open to traders from all jurisdictions except those in the United States,
United Kingdom and the European Union, the American firm said in a statement.
1/ We’re thrilled to announce that Gemini Foundation’s derivatives platform is now live with our BTC/GUSD perpetual contract trading across 30 countries. https://t.co/NyQLKhsZYt
— Gemini (@Gemini) May 2, 2023
Both moves come as US regulators
crack down on digital asset firms in the country, categorizing their
cryptocurrency assets as securities. For instance, derivatives markets
watchdog, the Commodity Futures Trading Commission, sued Binance for operating an illegal crypto derivatives
exchange, among other allegations.
Coinbase has launched a global
cryptocurrency derivatives exchange days after disclosing that it was going
offshore with a Bermuda license. The US-based digital asset exchange said the new
platform is only open to only eligible, non-US institutional traders.
The new platform on
Tuesday listed Bitcoin (BTC) and Ether (ETH) perpetual futures contracts,
Coinbase said in a blog post, adding that the platform currently only offers 5x
leverage, with all trades settled in stablecoin USD Coin (USD).
It’s official! Coinbase International Exchange is here. Institutional traders in eligible non-US jurisdictions now have access to trade perpetual futures settled in USDC with up to 5x leverage.
Read more about our announcement ⬇️https://t.co/vrIfK999ompic.twitter.com/E5ssl8NBz3
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) May 2, 2023
“As 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.
Earlier on Monday, Gemini’s non-US
derivatives trading platform, Gemini Foundation, also went live days after its launch, opening with BTC perpetual contracts denominated
in stablecoin Genimi dollar (GUSD). The Winklevoss twins-owned platform is
open to traders from all jurisdictions except those in the United States,
United Kingdom and the European Union, the American firm said in a statement.
1/ We’re thrilled to announce that Gemini Foundation’s derivatives platform is now live with our BTC/GUSD perpetual contract trading across 30 countries. https://t.co/NyQLKhsZYt
— Gemini (@Gemini) May 2, 2023
Both moves come as US regulators
crack down on digital asset firms in the country, categorizing their
cryptocurrency assets as securities. For instance, derivatives markets
watchdog, the Commodity Futures Trading Commission, sued Binance for operating an illegal crypto derivatives
exchange, among other allegations.
