Coinbase International Exchange launches amid SEC crypto crackdown in the US
As the cryptocurrency industry faces regulatory challenges in the United States, public crypto exchange Coinbase is moving forward with a global derivatives platform.
On May 2, Coinbase announced the launch of the Coinbase International Exchange (CIE), a new institutional platform designed for crypto derivatives trading.
The CIE will start trading by listing Bitcoin (BTC) and Ether (ETH) perpetual futures later this week. All trading on the CIE will be settled in Coinbase-backed stablecoin USD Coin (USDC), requiring no fiat on-ramps.
Coinbase stressed that direct access trading on CIE is available to institutional clients via API in eligible, non-U.S. jurisdictions. “These products are not available to retail customers at this time,” Coinbase added.
According to the announcement, the new international crypto platform is launched with support of regulators in Bermuda. As previously reported, Coinbase obtained a license from the Bermuda Monetary Authority (BMA) by mid-April 2023. The Class F License allowed Coinbase to operate a digital asset exchange and a digital asset derivatives exchange provider as well as operate activities like token sales and issuance.
Coinbase noted that Bermuda’s regulatory environment is known for a “high level of transparency, compliance and cooperation.”
Bermuda is a self-governing British overseas territory with a parliamentary government. Similarly to the United Kingdom — where cryptocurrencies are currently legal — Bermuda has been somewhat friendly to crypto, growing increasingly bullish on the crypto industry recently.
In late April, Miami International Holdings, the operator of the Bermuda Stock Exchange, purchased remnants of the collapsed FTX crypto exchange. The company specifically bought
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