The post Breaking: Coinbase Launches Its International Exchange To Get Out Of SEC’s Regulatory Trouble appeared first on Coinpedia Fintech News
In a ground-breaking move that has taken the crypto world by storm, Coinbase, the leading cryptocurrency exchange platform, has officially launched its international exchange to sidestep mounting regulatory pressure from the United States Securities and Exchange Commission (SEC). With this daring venture, Coinbase aims to secure financial freedom and expand its reach beyond US borders.
Coinbase Finally Makes a Big Move
Crypto giant Coinbase boldly sets sail for Bermuda, launching an exciting new derivatives exchange amidst a turbulent regulatory climate back home. Dubbed the “Coinbase International Exchange,” this ambitious expansion plan signifies the firm’s determination to break free from domestic regulatory constraints and explore uncharted financial territories.
At the onset, the Coinbase International Exchange will enable traders to speculate on the ever-fluctuating prices of Bitcoin and Ether using perpetual futures contracts. Offering up to 5x leverage, these contracts will be settled in the widely recognized stablecoin, USDC. With trading already underway, as announced in a recent Coinbase blog post, this new facility is set to reshape the landscape of crypto trading.
The launch comes after months of intense scrutiny from the SEC, which has been closely monitoring Coinbase’s activities and transactions. As the crypto industry continues to grow and mature, regulatory bodies worldwide have been working tirelessly to implement strict guidelines and policies to govern this new age of digital finance. Coinbase’s decision to launch its international exchange is a bold statement that indicates the company’s desire to resist restrictive regulations and continue its pursuit of innovation and growth.
Coinbase Gets Boost From Bermuda’s Regulatory Environment
In a thrilling development, Coinbase has successfully won the support of Bermuda’s regulators for the launch of its new international crypto platform. As reported earlier, the island’s Bermuda Monetary Authority (BMA) granted Coinbase a coveted Class F License by mid-April 2023. This prestigious license empowers the company to operate as a digital asset exchange and a digital asset derivatives exchange provider, while also granting the ability to conduct activities such as token sales and issuance.
“Rest assured that Coinbase is committed to the U.S., but countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks to strategically position themselves as crypto hubs. Coinbase said in a blog post. “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 U.S.”
Coinbase acknowledges Bermuda’s sterling reputation for its regulatory environment, characterized by unparalleled transparency, compliance, and cooperation. With the backing of such a well-regarded authority, the crypto giant is poised to make waves in the international financial arena.
As Coinbase sets sail into uncharted waters, the support from Bermuda’s regulatory watchdogs signals a bright future for the company’s international crypto platform.
On April 27, Coinbase executives went public with their company’s regulatory challenges, as Chief Legal Officer Paul Grewal addressed attendees at Consensus 2023 and joined CEO Brian Armstrong in a YouTube video release.
This public appeal was triggered by a Wells notice received from the United States Securities and Exchange Commission (SEC), indicating potential enforcement actions against the cryptocurrency exchange.
In the video, directed at the SEC’s chair and commissioners, Grewal firmly stated, “Coinbase’s core commitment to regulatory compliance has never wavered.”
Bermuda’s Premier and Finance Minister, Edward Burt, has boldly affirmed the island’s unwavering support for the crypto industry, even in the face of setbacks like FTX’s failure. Last year, Bermudan authorities echoed this sentiment, vowing to continue pursuing their vision of a crypto hub despite the massive bear market that engulfed the industry in 2022.
As early as mid-March 2022, reports surfaced that Coinbase was plotting to establish a global crypto exchange. These reports surfaced just days before the company publicly announced receiving a Wells notice from the United States Securities and Exchange Commission (SEC). Undeterred, Coinbase responded by filing a motion against the SEC on April 25, urging the regulator to bring much-needed clarity to the world of crypto regulations.
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