Coinbase launches international crypto derivatives exchange

The exchange will let institutional users in eligible jurisdictions outside the US to trade in perpetual futures, Coinbase said.

The digital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried’s crypto exchange FTX.

Last month, Coinbase Chief Executive Brian Armstrong had warned that crypto firms would develop in “offshore havens”, unless the US and Britain make their rules for the industry much clearer.

Coinbase, engaged in a tussle with the US Securities and Exchange Commission, said on Tuesday that countries around the world were developing themselves as crypto hubs due to a responsible regulatory framework.

“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 US,” the crypto exchange said.

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Separately, another crypto exchange Gemini on Tuesday launched a derivatives platform for trading perpetual futures, outside the US jurisdiction.