Coinbase, the US-based cryptocurrency exchange, has announced its plan to expand its services internationally by launching Coinbase International Exchange (CIE).
Coinbase, the US-based cryptocurrency exchange, has announced its plan to expand its services internationally by launching Coinbase International Exchange (CIE), a cryptocurrency derivatives platform targeting institutional investors. The derivatives platform will allow approved foreign users access to Coinbase’s perpetual futures market for digital assets and other products.
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.
— Coinbase International Exchange(@CoinbaseIntExch) May 2, 2023
The exchange platform believes the present period is ideal for creating such an exchange since numerous economies are implementing regulatory frameworks to transform into crypto centers.
The cryptocurrency community reacted positively to Coinbase’s latest development. Some praised the move as a step in the right direction. @GreenPill asserted that “Crypto is the future and it is taking off” despite the over-regulation of the industry by certain countries.
For people who are worried about regulation stifling crypto expansion and innovation: this is a good step in the crypto landscape. Crypto is the future and it is taking off, with or without certain countries who choose to over-regulate against crypto. https://t.co/HtGQBvrMVm
Tyler Winklevoss, CEO of Gemini, highlighted that “crypto is global” and called on others in the sector to embrace this reality.
— Tyler Winklevoss (@tyler) May 2, 2023
However, others have criticized the over-regulation of the crypto sector by the U.S. Securities and Exchange Commission (SEC) and expressed disappointment in SEC chair Gary Gensler. Jesse Dow accused Gensler of having a “personal agenda” and thus causing Coinbase to move its operations globally. Crypto lawyer John Deaton also criticized the U.S. SEC, accusing the commission of failing to protect crypto investors and maintain fair, disciplined, and effective markets.
#Coinbase is going international because @GaryGensler is either a fool, or someone with an agenda. https://t.co/YGQrqDpkDb— Jesse Dow (@JesseLeeDow1) May 2, 2023
Coinbase’s move to expand globally comes when the exchange faces regulatory challenges in the United States. Brian Armstrong, CEO and co-founder of Coinbase, has previously criticized the U.S. SEC for the lack of clarity regarding crypto regulations in the U.S. He compared the commission to “soccer referees” in a pickleball match following Coinbase’s receipt of a Wells Notice from the SEC on March 22, 2023.
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