US-based cryptocurrency exchange Coinbase has announced plans to expand its international exchange by offering spot trading. The move is in response to hesitancy among some users to trade on US venues due to regulatory uncertainty. The launch will initially allow institutional investors outside the US to trade Bitcoin and Ethereum spot pairs via API access. Coinbase plans to gradually expand access to more assets and users in the coming months.
The decision to expand the international exchange comes as Coinbase faces a legal battle with the SEC over allegations of improper conduct as an unregistered exchange and broker-dealer for certain crypto assets. The regulatory environment for cryptocurrencies in the US remains unclear, while other countries are moving forward with more defined rules.
Earlier this year, Coinbase obtained registration to operate in Spain and Singapore. Its international derivatives exchange in Bermuda has experienced significant growth since its launch in May, with $10 billion in perpetual futures volume traded last quarter.
The expansion of Coinbase’s international exchange is part of its global expansion strategy, driven by the hesitation of some crypto asset issuers and traders to engage with US platforms due to the unsettled regulatory environment. The company aims to provide a trusted and compliant non-US spot market for these participants.
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| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇪🇸 🇸🇬 🇧🇲 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | SEC, Coinbase, Twitter, Bloomberg |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
