05-05-2023, 06:00 AM
Coinbase Launches International Crypto Derivatives Exchange
<p class="MsoNormal">Coinbase has launched a global
cryptocurrency derivatives exchange days after disclosing that it was going
offshore <a href="https://www.financemagnates.com/cryptocurrency/coinbase-goes-offshore-with-new-bermuda-license/" class="L-Affiliate-Tagged" target="_blank" rel="follow">with a Bermuda license</a>. The US-based digital asset exchange said the new
platform is only open to only eligible, non-US institutional traders. </p><p class="MsoNormal">Coinbase and Gemini Launch New Platforms</p><p class="MsoNormal">The new platform on
Tuesday listed Bitcoin (BTC) and Ether (ETH) perpetual futures contracts,
Coinbase said in <a href="https://www.coinbase.com/blog/introducing-coinbase-international-exchange" class="L-Affiliate-Tagged" target="_blank" rel="follow">a blog post</a>, adding that the platform currently only offers 5x
leverage, with all trades settled in stablecoin USD Coin (USD).</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">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 ⬇️<a href="https://t.co/vrIfK999om">https://t.co/vrIfK999om</a><a href="https://t.co/E5ssl8NBz3">pic.twitter.com/E5ssl8NBz3</a></p>— Coinbase International Exchange ?️ (@CoinbaseIntExch) <a href="https://twitter.com/CoinbaseIntExch/status/1653384761346277377?ref_src=twsrc%5Etfw">May 2, 2023</a></blockquote><p class="MsoNormal">“As more and more markets are
moving forward with regulatory frameworks to become crypto hubs, we believe the
moment is right to launch this international exchange,” Coinbase said.</p><p class="MsoNormal">Earlier on Monday, Gemini’s non-US
derivatives trading platform, Gemini Foundation, went live <a href="https://www.financemagnates.com/cryptocurrency/gemini-foundation-takes-flight-with-new-crypto-derivatives-platform-outside-us/" class="L-Affiliate-Tagged" target="_blank" rel="follow">days after its launch</a>, opening with BTC perpetual contracts denominated
in stablecoin Gemini dollar (GUSD). The Winklevoss twins-owned platform is
open to traders from all jurisdictions except those in the United States,
United Kingdom and the European Union, the American firm said in <a href="https://www.gemini.com/blog/gemini-foundation-a-non-us-derivatives-platform-is-now-live" target="_blank" rel="follow">a statement</a>.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/ We’re thrilled to announce that Gemini Foundation’s derivatives platform is now live with our BTC/GUSD perpetual contract trading across 30 countries. <a href="https://t.co/NyQLKhsZYt">https://t.co/NyQLKhsZYt</a></p>— Gemini (@Gemini) <a href="https://twitter.com/Gemini/status/1653391869395767297?ref_src=twsrc%5Etfw">May 2, 2023</a></blockquote><p class="MsoNormal text-align-justify">US Regulators Go after Crypto
Firms</p><p class="MsoNormal text-align-justify">Both moves come as US regulators
crack down on digital asset firms in the country, categorizing their
cryptocurrency assets as securities. Late last month, Coinbase <a href="https://www.financemagnates.com/cryptocurrency/coinbase-sues-sec-over-silence-on-2022-rulemaking-petition/" target="_blank" rel="follow">filed a lawsuit against</a> the Securities and Exchange Commission (SEC),
demanding that the US securities watchdog provide guidance for the
cryptocurrency industry using its formal rulemaking process. </p><p class="MsoNormal text-align-justify">The lawsuit came a month after
Coinbase <a href="https://www.financemagnates.com/cryptocurrency/regulation/coinbase-expects-enforcement-action-amid-secs-wells-notice/" target="_blank" rel="follow">got a Wells notice from the SEC</a>, stating that it has been violating the US
securities law by offering unregistered securities. The securities watchdog in
April <a href="https://www.financemagnates.com/cryptocurrency/sec-sues-crypto-exchange-bittrex-ceo-for-operating-without-registration/" target="_blank" rel="follow">also charged Bittrex</a> and its Founder for allegedly operating as a national
securities exchange, broker and clearing agency without registration.</p><p class="MsoNormal text-align-justify">In late March, derivatives
markets watchdog, the Commodity Futures Trading Commission, <a href="https://www.financemagnates.com/cryptocurrency/cftc-sues-binance-for-illegal-derivatives-exchange-numerous-violations/" target="_blank" rel="follow">sued Binance and its CEO</a> for allegedly operating an illegal crypto
derivatives exchange in the country, among other allegations.</p><p class="MsoNormal text-align-justify">On top of that, in recent months, the SEC filed charges against crypto executives, such as <a href="https://www.financemagnates.com/cryptocurrency/sec-hits-tron-founder-justin-sun-8-american-celebrities-with-charges/" target="_blank" rel="follow">TRON Founder Justin Sun</a> and
Terraform Labs <a href="https://www.financemagnates.com/cryptocurrency/sec-hits-tron-founder-justin-sun-8-american-celebrities-with-charges/" target="_blank" rel="follow">CEO Do Kwon</a>, as well as platforms, such as <a href="https://www.financemagnates.com/cryptocurrency/kraken-faces-sec-probe-over-unregistered-securities-listings/" target="_blank" rel="follow">Kraken</a>, <a href="https://www.financemagnates.com/cryptocurrency/sec-takes-gemini-genesis-to-court-for-selling-unregistered-securities/" target="_blank" rel="follow">Gemini
and Genesis</a>, criticizing them for offering cryptocurrencies as unregistered
securities.</p><p class="MsoNormal text-align-justify">SEC Maintains Stance on Crypto
as Securities </p><p class="MsoNormal text-align-justify">Yet, the SEC does not appear
ready to back down on its stance that digital assets fall under the US
securities law. Gary Gensler, the Chairman of SEC, recently released a video
reiterating this point. However, <a href="https://www.financemagnates.com/cryptocurrency/regulation/coinbase-expects-enforcement-action-amid-secs-wells-notice/" target="_blank" rel="follow">some executives</a> have accused the regulators of <a href="https://www.financemagnates.com/cryptocurrency/binance-ceo-calls-cftc-lawsuit-an-incomplete-recitation-of-facts/" target="_blank" rel="follow">failing to cooperate with them</a>.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Intermediaries for investment contracts are required to comply with securities laws & register with <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a>.Instead, many crypto platforms are contending that their investment contracts are something else.The law cares about what something actually is, not what you call it.</p>— Gary Gensler (@GaryGensler) <a href="https://twitter.com/GaryGensler/status/1651624244445421591?ref_src=twsrc%5Etfw">April 27, 2023</a></blockquote><p class="MsoNormal text-align-justify">“Rest assured that Coinbase is
committed to the US, but countries around the world are increasingly moving
forward with <a href="https://www.financemagnates.com/cryptocurrency/european-parliament-approves-landmark-crypto-law-mica/" target="_blank" rel="follow">responsible crypto-forward regulatory frameworks</a> to strategically
position themselves as crypto hubs,” Coinbase said. “We would like to see
the US take a similar approach instead of regulation by enforcement which has
led to a disappointing trend for crypto development in the US.”</p><p class="MsoNormal text-align-justify">Revolut in Brazil; WeChat's digital yuan expansion; <a href="https://www.financemagnates.com/forex/news-nuggets-2-may-revolut-in-brazil-wechats-digital-yuan-expansion/" target="_blank" rel="follow">read today's news nuggets</a>.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...-exchange/
<p class="MsoNormal">Coinbase has launched a global
cryptocurrency derivatives exchange days after disclosing that it was going
offshore <a href="https://www.financemagnates.com/cryptocurrency/coinbase-goes-offshore-with-new-bermuda-license/" class="L-Affiliate-Tagged" target="_blank" rel="follow">with a Bermuda license</a>. The US-based digital asset exchange said the new
platform is only open to only eligible, non-US institutional traders. </p><p class="MsoNormal">Coinbase and Gemini Launch New Platforms</p><p class="MsoNormal">The new platform on
Tuesday listed Bitcoin (BTC) and Ether (ETH) perpetual futures contracts,
Coinbase said in <a href="https://www.coinbase.com/blog/introducing-coinbase-international-exchange" class="L-Affiliate-Tagged" target="_blank" rel="follow">a blog post</a>, adding that the platform currently only offers 5x
leverage, with all trades settled in stablecoin USD Coin (USD).</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">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 ⬇️<a href="https://t.co/vrIfK999om">https://t.co/vrIfK999om</a><a href="https://t.co/E5ssl8NBz3">pic.twitter.com/E5ssl8NBz3</a></p>— Coinbase International Exchange ?️ (@CoinbaseIntExch) <a href="https://twitter.com/CoinbaseIntExch/status/1653384761346277377?ref_src=twsrc%5Etfw">May 2, 2023</a></blockquote><p class="MsoNormal">“As more and more markets are
moving forward with regulatory frameworks to become crypto hubs, we believe the
moment is right to launch this international exchange,” Coinbase said.</p><p class="MsoNormal">Earlier on Monday, Gemini’s non-US
derivatives trading platform, Gemini Foundation, went live <a href="https://www.financemagnates.com/cryptocurrency/gemini-foundation-takes-flight-with-new-crypto-derivatives-platform-outside-us/" class="L-Affiliate-Tagged" target="_blank" rel="follow">days after its launch</a>, opening with BTC perpetual contracts denominated
in stablecoin Gemini dollar (GUSD). The Winklevoss twins-owned platform is
open to traders from all jurisdictions except those in the United States,
United Kingdom and the European Union, the American firm said in <a href="https://www.gemini.com/blog/gemini-foundation-a-non-us-derivatives-platform-is-now-live" target="_blank" rel="follow">a statement</a>.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/ We’re thrilled to announce that Gemini Foundation’s derivatives platform is now live with our BTC/GUSD perpetual contract trading across 30 countries. <a href="https://t.co/NyQLKhsZYt">https://t.co/NyQLKhsZYt</a></p>— Gemini (@Gemini) <a href="https://twitter.com/Gemini/status/1653391869395767297?ref_src=twsrc%5Etfw">May 2, 2023</a></blockquote><p class="MsoNormal text-align-justify">US Regulators Go after Crypto
Firms</p><p class="MsoNormal text-align-justify">Both moves come as US regulators
crack down on digital asset firms in the country, categorizing their
cryptocurrency assets as securities. Late last month, Coinbase <a href="https://www.financemagnates.com/cryptocurrency/coinbase-sues-sec-over-silence-on-2022-rulemaking-petition/" target="_blank" rel="follow">filed a lawsuit against</a> the Securities and Exchange Commission (SEC),
demanding that the US securities watchdog provide guidance for the
cryptocurrency industry using its formal rulemaking process. </p><p class="MsoNormal text-align-justify">The lawsuit came a month after
Coinbase <a href="https://www.financemagnates.com/cryptocurrency/regulation/coinbase-expects-enforcement-action-amid-secs-wells-notice/" target="_blank" rel="follow">got a Wells notice from the SEC</a>, stating that it has been violating the US
securities law by offering unregistered securities. The securities watchdog in
April <a href="https://www.financemagnates.com/cryptocurrency/sec-sues-crypto-exchange-bittrex-ceo-for-operating-without-registration/" target="_blank" rel="follow">also charged Bittrex</a> and its Founder for allegedly operating as a national
securities exchange, broker and clearing agency without registration.</p><p class="MsoNormal text-align-justify">In late March, derivatives
markets watchdog, the Commodity Futures Trading Commission, <a href="https://www.financemagnates.com/cryptocurrency/cftc-sues-binance-for-illegal-derivatives-exchange-numerous-violations/" target="_blank" rel="follow">sued Binance and its CEO</a> for allegedly operating an illegal crypto
derivatives exchange in the country, among other allegations.</p><p class="MsoNormal text-align-justify">On top of that, in recent months, the SEC filed charges against crypto executives, such as <a href="https://www.financemagnates.com/cryptocurrency/sec-hits-tron-founder-justin-sun-8-american-celebrities-with-charges/" target="_blank" rel="follow">TRON Founder Justin Sun</a> and
Terraform Labs <a href="https://www.financemagnates.com/cryptocurrency/sec-hits-tron-founder-justin-sun-8-american-celebrities-with-charges/" target="_blank" rel="follow">CEO Do Kwon</a>, as well as platforms, such as <a href="https://www.financemagnates.com/cryptocurrency/kraken-faces-sec-probe-over-unregistered-securities-listings/" target="_blank" rel="follow">Kraken</a>, <a href="https://www.financemagnates.com/cryptocurrency/sec-takes-gemini-genesis-to-court-for-selling-unregistered-securities/" target="_blank" rel="follow">Gemini
and Genesis</a>, criticizing them for offering cryptocurrencies as unregistered
securities.</p><p class="MsoNormal text-align-justify">SEC Maintains Stance on Crypto
as Securities </p><p class="MsoNormal text-align-justify">Yet, the SEC does not appear
ready to back down on its stance that digital assets fall under the US
securities law. Gary Gensler, the Chairman of SEC, recently released a video
reiterating this point. However, <a href="https://www.financemagnates.com/cryptocurrency/regulation/coinbase-expects-enforcement-action-amid-secs-wells-notice/" target="_blank" rel="follow">some executives</a> have accused the regulators of <a href="https://www.financemagnates.com/cryptocurrency/binance-ceo-calls-cftc-lawsuit-an-incomplete-recitation-of-facts/" target="_blank" rel="follow">failing to cooperate with them</a>.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Intermediaries for investment contracts are required to comply with securities laws & register with <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a>.Instead, many crypto platforms are contending that their investment contracts are something else.The law cares about what something actually is, not what you call it.</p>— Gary Gensler (@GaryGensler) <a href="https://twitter.com/GaryGensler/status/1651624244445421591?ref_src=twsrc%5Etfw">April 27, 2023</a></blockquote><p class="MsoNormal text-align-justify">“Rest assured that Coinbase is
committed to the US, but countries around the world are increasingly moving
forward with <a href="https://www.financemagnates.com/cryptocurrency/european-parliament-approves-landmark-crypto-law-mica/" target="_blank" rel="follow">responsible crypto-forward regulatory frameworks</a> to strategically
position themselves as crypto hubs,” Coinbase said. “We would like to see
the US take a similar approach instead of regulation by enforcement which has
led to a disappointing trend for crypto development in the US.”</p><p class="MsoNormal text-align-justify">Revolut in Brazil; WeChat's digital yuan expansion; <a href="https://www.financemagnates.com/forex/news-nuggets-2-may-revolut-in-brazil-wechats-digital-yuan-expansion/" target="_blank" rel="follow">read today's news nuggets</a>.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...-exchange/