Coinbase Global Inc. expands its services with spot crypto trading on its international exchange. Thus, it will appeal to users who have reservations about US-based platforms. This move comes as part of the exchange’s global expansion strategy.
Coinbase International expands its services
Institutional investors now have the opportunity to trade Bitcoin and Ethereum in USDC parity on Coinbase’s international platform. This move is part of the platform’s global expansion strategy. It also targets users who would be wary of US-based venues, mainly due to regulatory uncertainties.
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 focus of the international platform was primarily on derivatives trading. However, it now also includes spot trading. Thus, allowing both to work side by side. This dual approach will help each market segment complement the others, according to Greg Tusar, Coinbase’s head of institutional products. This is very important as it provides a deep and liquid market.
Coinbase sees the addition of spot markets as a way to provide a seamless and enhanced trading experience for regular futures traders. It also gives global users greater access to a reliable spot exchange outside the US. The company envisions Coinbase International Exchange to become the cornerstone of the global crypto ecosystem and deliver capabilities that redefine industry standards while maintaining its commitment to trust, security and user-friendliness.
SEC’s lawsuit against the stock exchange continues
cryptokoin.com As you follow from, the US Securities and Exchange Commission (SEC) continues to file a lawsuit against Coinbase, claiming that the platform operates an illegal exchange, broker and clearing house. This legal action is part of a broader crackdown by the SEC following several crypto-related crashes, including the FTX incident. However, Coinbase disputes these claims. The exchange expanded its international listing in May, aiming to diversify away from the U.S. market. The platform plans to list additional tokens over time. Additionally, it aims to provide offshore spot trading opportunities to individual investors as liquidity increases. Coinbase sees co-locating its spot and derivatives operations as a way to increase trading volumes.
Meanwhile, the SEC has also sued other major exchanges, including Kraken and Binance. The regulator claims that these exchanges operate without registration. It also accuses him of trading in unregistered securities. Both Kraken and Binance denied the SEC’s allegations. The regulatory environment in the US remains uncertain. Additionally, the slow progress of crypto-related bills in Congress adds to the complexity. Meanwhile, the crypto market has experienced a partial recovery from the difficulties in 2022. Moreover, investors expect the first spot Bitcoin ETFs to be approved in the US in the coming weeks.
