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Amid US Regulatory Pressure, Coinbase Rolls Out International Crypto Exchange

Amid US Regulatory Pressure, Coinbase Rolls Out International Crypto Exchange

Regulatory uncertainty in the United States pushes Coinbase to open an international crypto derivatives exchange.

Coinbase, an American publicly traded company that operates a cryptocurrency exchange platform, has launched the Coinbase International Exchange (CIE).

According to the announcement shared on May 2nd, the new institutional platform is tailored for trading crypto derivatives.

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Based on the announcement, trading for Bitcoin (BTC) and Ether (ETH) is set to begin later this week. All CIE trading will be settled in the Coinbase-backed stablecoin USD Coin (USDC), eliminating the need for fiat on-ramps.

Coinbase emphasizes that direct access trading on the CIE is exclusively available to institutional clients in eligible, non-US jurisdictions via an application programming interface. Upon the release, the product is "not available to retail customers at this time."

When it comes to offered services, Coinbase noted:

Coinbase International Exchange brings a high standard of customer protection, a robust risk management framework, and high-performance trading technology.

According to the announcement, the CIE's launch is backed by regulators in Bermuda. It is worth noting that Coinbase secured a license from the Bermuda Monetary Authority (BMA) by mid-April 2023.

The Class F License allows Coinbase to operate as a digital asset exchange, digital asset derivatives exchange provider and engage in activities such as token sales and issuance.

Coinbase highlighted that Bermuda's regulatory environment is well-known for its "high level of transparency, compliance, and cooperation."

Reports of Coinbase's plan to establish a global crypto exchange surfaced in mid-March 2022. A few days before the official announcement, Coinbase received a Wells Notice from the United States Securities and Exchange Commission (SEC).

Coinbase recently filed a motion against the SEC on April 25th, requesting clarity on industry regulations.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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