Coinbase International Exchange has achieved a notable milestone by obtaining regulatory approval from Bermuda's financial regulator. This approval will enable eligible non-U.S. retail customers to participate in perpetual futures trading.
Coinbase's Next Offering: Access to Perpetual Futures Contracts
In a blog post released today (Thursday), Coinbase acknowledged the pivotal role played by the Bermuda Monetary Authority in facilitating this regulatory approval. As a result of this collaboration, Coinbase intends to offer eligible customers access to perpetual futures contracts on its Coinbase Advanced platform in the coming weeks.
Perpetual futures contracts are a type of derivative market known for their unique characteristic of never expiring. This perpetual nature makes them an attractive instrument for traders and investors seeking to engage in cryptocurrencymarkets without the constraints of fixed maturity dates.
"As announced in the Phase II of our 'Go Broad, Go Deep' strategy, we are dedicated to partnering with high-bar global regulators to build a crypto regulatory framework that allows crypto technology to continually drive innovation," the blog said.
JUST IN: Coinbase approved to offer perpetual #Bitcoin futures to global retail customers pic.twitter.com/WQVMlxaFTM
— Bitcoin Magazine (@BitcoinMagazine) September 28, 2023
The Significance of Regulatory Collaboration in Crypto
Coinbase International Exchange announced its international exchange initiative in May of the current year. The listing of Bitcoin and Ethereum perpetual futures contracts followed it.
This approval underscores the importance of collaboration between crypto firms and regulators in shaping the future of digital finance. It also reflects the company's commitment to providing a safe and regulated environment for cryptocurrency trading and investment.
Coinbase's Service Termination in India Targets Violators
Coinbase is reportedly limiting its services in India. With a Finance Magnates report indicating that, the exchange is partially or fully terminating its offerings in the country. New signups for Indian users have been suspended. Rather it redirects them to download Coinbase Wallet, a self-custody crypto wallet.
According to TechCrunch, Coinbase sent emails to its Indian customers. It notifies them of the service termination, effective from September 25. It also encourages them to withdraw their funds. However, a Coinbase spokesperson clarified that this service termination only applies to Indian customers who have violated the exchange's standards. The spokesperson stated that the exchange is discontinuing services for accounts that no longer meet their updated standards.
This article was written by Tareq Sikder at www.financemagnates.com.
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