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Coinbase (COIN) Launches New Exchange Beyond US Borders

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Tue, 2/05/2023 - 13:45
Coinbase (COIN) Launches New Exchange Beyond US Borders
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A major U.S. exchange has launched the Coinbase International Exchange following regulatory approval by the Bermuda Monetary Authority. This new platform is only available to non-U.S. institutions in specific jurisdictions, and U.S. institutions are strictly prohibited from accessing it.

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Coinbase International Exchange allows institutional users in eligible jurisdictions outside the U.S. to trade perpetual futures, which accounted for almost 75% of global crypto trading volume in 2022, providing highly liquid markets and greater flexibility for traders.

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Bitcoin (BTC) and Ethereum (ETH) perpetual futures contracts are now listed on the Coinbase International Exchange, with trading settled in USDC and no need for fiat on-ramps. The contracts offer up to 5x leverage, and institutional clients in eligible, non-U.S. jurisdictions can access direct trading via API, while retail customers are not yet able to access these products.

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Coinbase: Life is in full swing

In other news, Bloomberg reported today that the CEO of Coinbase and other top managers are facing a lawsuit for allegedly dumping shares of the exchange immediately after the IPO two years ago, using insider information.

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Coinbase also received a neutral rating from CITI today due to regulatory turmoil, resulting in the target price of COIN stock falling from $80 to $65. As a result, COIN stock has fallen by more than 6% in premarket trading, currently trading at $50.14 per share.

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