Coinbase has announced its plan to expand its services internationally by launching Coinbase International Exchange (CIE), a cryptocurrency derivatives platform targeting institutional investors. The CIE 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.
Read more about our announcement ⬇️https://t.co/vrIfK999om pic.twitter.com/E5ssl8NBz3
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) May 2, 2023
The exchange believes the present period is perfect for creating a global platform as several economies around the world are implementing regulatory frameworks to accelerate mass adoption and enable the transformation of their regions into crypto hubs.
The cryptocurrency community generally reacted positively to Coinbase’s latest deveopment, with many hailing the move as a step in the right direction. A Twitter user, @GreenPill, tweeted “Crypto is the future and it is taking off” asserting the widely perceived positive sentiment on cryptocurrencies 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
— Green Pill 🟢🥶🌽🌾 (@takegreenpill) May 2, 2023
Tyler Winklevoss, CEO of Gemini, tweeted “crypto is global” and called on other stakeholders in the sector to embrace this reality.
Crypto is global, and so is @Gemini. Let’s go! 🚀https://t.co/xLwkcaQCwP
— Tyler Winklevoss (@tyler) May 2, 2023
Unsurprisingly, many 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. Reacting to the news, Jesse Dow, a macro-economist accused Gensler of pursuing a “personal agenda” against crypto-related activities in the US, causing local firms like Coinbase to explore relocation and overseas expansion to hedge against regulatory uncertainty. Attorney, John Deaton, well-known for his vocal support for cryptocurrencies also criticized the US 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 decision to go global comes as the exchange grapples with regulatory challenges in its home country, the United States. Brian Armstrong, CEO and co-founder of Coinbase, had 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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