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USDC

Coinbase Global Inc introduced a new platform for trading cryptocurrency derivatives on an international scale, in an effort to increase its global presence amidst mounting tensions between the crypto industry and regulators in the United States. 
The exchange will permit institutional investors in eligible regions outside the U.S. to participate in perpetual futures trading, according to Coinbase. 
Following various mishaps last year, including the bankruptcy of FTX, a crypto exchange run by Sam Bankman-Fried, the digital assets sector is in the process of recovery. In response, Coinbase CEO Brian Armstrong cautioned last month that crypto firms would be forced to operate in “offshore havens” unless the U.S. and the United Kingdom clarify their regulations for the industry. 
The CIE is set to commence trading this week, starting with the listing of Bitcoin (BTC) and Ether (ETH) perpetual futures. 
Trading on the CIE will be settled using Coinbase-supported stablecoin USD Coin (USDC), eliminating the need for fiat on-ramps. 
Coinbase has emphasized that institutional clients in eligible non-U.S. jurisdictions will have direct access to trading via an application programming interface, but retail customers are not yet eligible. 
<a href="https://www.unlock-bc.com/100671/coinbase-acquires-regulatory-license-to-operate-in-bermuda/" class="ek-link">The platform has received regulatory approval from Bermuda, and Coinbase has been granted a Class F License by the Bermuda Monetary Authority (BMA)</a> to operate a digital asset exchange, a digital asset derivatives exchange, and to conduct activities like token sales and issuance. 
According to Coinbase, Bermuda’s regulatory environment is characterized by high levels of transparency, compliance, and cooperation. 
For the past few weeks, the value of Coinbase shares has been on a downward trend. Within a month, the shares have fallen by over 20%, from a high of almost $72 in April to $50 as of May 1st. 
The announcement of Coinbase’s intention to establish a global crypto exchange was made in mid-March 2022, and <a href="https://www.unlock-bc.com/100785/coinbase-pursues-legal-action-against-sec-for-ignoring-rulemaking-petition/" class="ek-link">news about the exchange’s launch was revealed just a few days before the company received a Wells notice from the SEC. </a> 
In response to the notice, Coinbase filed a motion against the SEC on April 25th, seeking clarification on industry regulations. 
 
The post <a rel="nofollow" href="https://www.unlock-bc.com/101189/coinbase-launches-international-crypto-platform-as-sec-regulatory-pressure-mounts/">Coinbase Launches International Crypto Platform as SEC Regulatory Pressure Mounts</a> appeared first on <a rel="nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Coinbase Launches International Crypto Platform as SEC Regulatory Pressure Mounts

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