- Coinbase International Exchange has received regulatory approval.
- The approval underscores the company’s commitment to global expansion.
- Coinbase’s CEO continues to advocate for regulatory clarity.
Coinbase, a leading cryptocurrency platform, has achieved a significant milestone by gaining regulatory approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures trading services to retail customers outside the United States.
This development marks a strategic move to expand Coinbase’s global presence in the cryptocurrency market.
Global futures market dominance
The global futures market plays a pivotal role in the cryptocurrency ecosystem, accounting for nearly 80% of the total crypto market. It facilitates leveraged transactions and derivatives trading, which often contribute to market volatility.
With this approval, Coinbase International Exchange aims to tap into the immense trading activity in the crypto derivatives space.
Crypto derivatives transactions reached an impressive $1.85 trillion worldwide in July, as reported by research firm CCData. This data underscores the growing demand for futures and derivatives trading, making it a crucial component of the crypto industry.
Coinbase CEO advocates for regulatory clarity
Coinbase’s move to expand its services outside the United States comes amidst increasing regulatory scrutiny and uncertainty within the cryptocurrency industry. Coinbase CEO Brian Armstrong has been vocal about the need for clear and consistent regulatory frameworks in the United States.
Armstrong expressed frustration with US regulators and hinted at the possibility of relocating the company if regulatory conditions do not improve. He cited the lack of transparent rules as a hindrance to the industry’s growth and stability. Clear regulations, he believes, are vital for both the industry’s success and investor confidence.
The post Coinbase expands futures trading services globally appeared first on CoinJournal.
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