Bermuda

USDC

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<p class="has-drop-cap">Coinbase launched an offshore derivatives exchange today in Bermuda, the <a aria-label="company announced (opens in a new tab)" href="https://www.coinbase.com/blog/introducing-coinbase-international-exchange" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">company announced</a> in a press release. The new exchange aims to attract institutional investors by offering them an option to trade perpetual bitcoin and ether futures.</p> 
<h3 id="coinbase-to-offer-trading-of-perpetual-futures-on-the-new-exchange">Coinbase to Offer Trading of Perpetual Futures on the New Exchange</h3> 
<p>Coinbase Global announced on Tuesday the launch of its crypto derivatives exchange in Bermuda after securing a regulatory license to offer services in the self-governing British overseas territory. The exchange, Coinbase International Exchange, will initially allow institutional investors “based in eligible jurisdictions outside of the US, to trade perpetual futures,” the company said in the press release.</p> 
<blockquote class="wp-block-quote"> 
 <p>“Perpetual futures accounted for nearly 75% of global crypto trading volume in 2022, creating highly-liquid markets and offering traders additional versatility in their trading strategies.”</p> <cite>– Coinbase said in the announcement on Tuesday. </cite>
</blockquote> 
<p>Perpetual futures refer to a type of crypto derivative contract that enables investors to bet on the future price of cryptocurrencies. They are called perpetual because they have no expiry date and can be held indefinitely. In addition, perpetual futures utilize a funding mechanism to ensure that the contract price tracks the underlying asset’s price.</p> 
<p>The crypto exchange will initially offer bitcoin and ether perpetual futures, and all transactions will be settled in USD Coin (USDC). Coinbase’s former group product manager, Emmanuel Goh, will lead the newly launched derivatives exchange.</p> 
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<h3 id="the-persisting-dispute-between-coinbase-and-the-sec">The Persisting Dispute Between Coinbase and the SEC</h3> 
<p>The launch of the Coinbase International Exchange aligns with the company’s <a href="https://tokenist.com/coinbase-may-soon-open-a-new-offshore-exchange-as-pressure-in-us-mounts/" rel="dofollow" class="deco-link">previously announced plans</a> to look for offshore growth amid mounting regulatory pressures in the US. Recent months were marked by a crackdown by the Securities and Exchange Commission (SEC) and other regulators on the crypto industry, as well as the <a href="https://www.nytimes.com/interactive/2023/business/bank-failures-svb-first-republic-signature.html" target="_blank" aria-label="worst banking crisis since 2008 (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">worst banking crisis since 2008</a>.</p> 
<p>This did not bode well for crypto exchanges, particularly Coinbase, which also has a personal dispute with the SEC. In March, the security regulator <a href="https://tokenist.com/sec-alleges-coinbase-violated-security-laws-delivers-wells-notice/" rel="dofollow" class="deco-link">delivered a Wells notice</a> to Coinbase, indicating a possible enforcement action against the crypto exchange due to alleged securities laws violations.</p> 
<p>Coinbase denied the SEC’s accusations, with the company’s CEO <a href="https://tokenist.com/coinbase-may-soon-open-a-new-offshore-exchange-as-pressure-in-us-mounts/" rel="dofollow" class="deco-link">Brian Armstrong recently saying</a> that Coinbase will ultimately have to take legal action against the SEC. Coinbase ultimately <a aria-label="filed a lawsuit (opens in a new tab)" href="https://www.cnbc.com/2023/04/24/coinbase-sues-sec-after-months-of-silence-from-federal-regulator.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">filed a lawsuit</a> against the SEC last month to force the SEC to respond to a <a aria-label="months-old petition (opens in a new tab)" href="https://techcrunch.com/2022/07/21/the-sec-digs-into-unregistered-crypto-securities-in-insider-trading-case-against-former-coinbase-employee/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">months-old petition</a> on whether it would allow the crypto industry to be regulated through existing SEC frameworks.</p> 
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<p><em><strong>Do you think Coinbase made the right choice to launch an offshore exchange considering the current regulatory pressures in the US? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/coinbase-launches-perpetual-derivates-exchange-in-bermuda/">Coinbase Launches Perpetual Derivates Exchange in Bermuda</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Coinbase Launches Perpetual Derivates Exchange in Bermuda

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