Coinbase unveils global spot trading as users flee uncertain US policies
Coinbase International Exchange registered $10 billion in perpetual futures trading volume in Q3 alone.
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US-based crypto exchange Coinbase announced plans to offer spot trading on its international exchange, citing hesitancy among some users to trade on US venues due to regulatory uncertainty, Bloomberg reported today.
The launch, happening in phases starting on Thursday, December 14, will initially allow institutional investors outside the US to trade Bitcoin and Ethereum spot pairs via API access. Over the next few months, Coinbase plans to expand access to more assets and users.
We are excited to announce the next phase of our Coinbase International Exchange expansion – the launch of non-US spot markets for eligible customers, designed to address the unique needs and demands of our global user base. pic.twitter.com/JWEChT5BDa
— Coinbase 🛡️📞 (@coinbase) December 13, 2023
The move comes as Coinbase battles the SEC in court over allegations it improperly acted as an unregistered exchange and broker-dealer for certain crypto assets. Meanwhile, the regulatory environment for cryptocurrencies in the US remains unclear, even as other countries move forward with more defined rules.
Earlier this year, Coinbase secured registration to operate in Spain and Singapore. Its international derivatives exchange based in Bermuda has already seen significant growth since launching in May, with $10 billion in perpetual futures volume traded last quarter.
The move is part of Coinbase’s “Go Broad, Go Deep” global expansion strategy driven in part by hesitation among some crypto asset issuers and traders to engage with US platforms due to the unsettled regulatory environment. The company said its international exchange would provide a trusted, compliant non-US spot market for these participants.