Main navigation

Coinbase (COIN) Launches New Exchange Beyond US Borders

Tue, 05/02/2023 - 13:45
article image
Gamza Khanzadaev
Coinbase goes beyond US after receiving approval from Bermudian regulator
Coinbase (COIN) Launches New Exchange Beyond US Borders
Cover image via
Read U.TODAY on
Google News

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.

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.

Is Coinbase Abandoning US? CEO Says Relocating Headquarters Is on Table

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.

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.

XRP Holders' Lawyer Reacts to Coinbase's Response to SEC

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.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.