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Coinbase Launches Worldwide Crypto Derivatives Alternate

Coinbase Announces the Launch of a Global Exchange for Cryptocurrency Derivatives

officially a few days after the online asset platform unveiled its plan to get a licence in Bermuda, Coinbase has officially introduced a global exchange for bitcoin derivatives. The most recent platform is exclusively accessible to qualified institutional traders based outside of the United States, as stated in the blog post. It is now advertising perpetual futures contracts for Bitcoin (BTC) and Ether (ETH), and it allows up to 5x leverage, with all trades being paid in the stablecoin USD Coin (USD).

Coinbase is now receiving assistance from the Gemini Foundation, which is owned by Tyler and Cameron Winklevoss. This support comes in the form of BTC/GUSD perpetual contracts. This comes at a time when digital asset companies domiciled in the United States are being subjected to increased regulatory scrutiny, in particular with regard to the classification of their bitcoin assets as securities. In retaliation, Coinbase took legal action against the United States Securities and Exchange Commission (SEC), seeking that the US securities watchdog establish a formal regulatory procedure for the cryptocurrency business. Coinbase’s complaint is still pending.

The Commodity Futures Trading Commission (CFTC) subsequently filed a lawsuit against Binance and its CEO at the end of March. The lawsuit alleges, among other things, that Binance was operating an illegal crypto derivatives exchange in the United States. Despite this, Coinbase continues to be “dedicated to the United States,” favouring a regulatory environment that makes it possible for cryptocurrency advances to occur within the country.

 ⬇️https://t.co/vrIfK999ompic.twitter.com/E5ssl8NBz3

— Coinbase Worldwide Alternate 🛡️ (@CoinbaseIntExch) Could 2, 2023

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