• Coinbase has launched its Bermuda-based trading platform, the Coinbase International Exchange.
• The exchange will allow customers not in America to trade in perpetual futures or products tied to the predicted future prices of commodities.
• Coinbase is currently suing the SEC for a survey it submitted last July in order to gain clarity on crypto regulation.
Coinbase Launches Bermuda-Based Exchange
Popular digital currency exchange Coinbase is launching its Bermuda-based trading platform, known as the Coinbase International Exchange. After just a few weeks of teasing that it had gotten the proper licensing documents due to regulatory scrutiny in the U.S., the firm appears to be opening its international enterprise without delay.
What Can Customers Trade?
The exchange will allow customers not in America to trade in perpetual futures or products tied to the predicted future prices of commodities. Right now, these products are going to be purely bitcoin and Ethereum-based, though a spokesperson for the company has stated that this could potentially change in the future.
Regulatory Scrutiny From SEC
The company has been under the watchful eye of the Securities and Exchange Commission (SEC) over the past several weeks. Not long ago, the federal financial agency sent the exchange a Wells notice, meaning that while Coinbase had not been formally charged with a crime yet, such a charge was likely coming soon, and executives should prepare themselves for a legal fight.
Coinbase’s Response
Coinbase took serious issue with this notice given that it had allegedly met with various members of the SEC about 30 times or more over the past nine years to ensure compliancee with regulations. In response, Coinbase is suing the SEC as a means of garnering a quick response to a survey it submitted last July regarding whether crypto should be governed by present-day securities laws.
Conclusion
The lack of clear crypto regulation is an issue that affects all players within this space according to Coinbase which is why they are taking action against regulators like SEC who have been too restrictive towards crypto companies recently.