Coinbase International launches spot Bitcoin and Ethereum trading for non-US clients Coinbase International launches spot Bitcoin and Ethereum trading for non-US clients
Coinbase says its international subsidiary remains focused on expanding its services globally amid the regulatory issues in the U.S.
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Updated: Dec. 14, 2023 at 11:59 am UTC
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Coinbase International will enable its users to trade spot Bitcoin (BTC) and Ethereum (ETH) on the platform starting Dec. 14 as part of its global expansion moves, according to a statement from the exchange.
Coinbase stated that it would pair the top cryptocurrencies with the USD Coin (USDC) stablecoin, and trading would be available exclusively via API access. Initially, this service will cater specifically to non-US institutional clients.
“Our primary focus at the outset will be to build liquidity and create a robust foundation. In the coming months, we plan to expand the product to include retail users, additional assets, and features that enable new trading strategies and enhance capital efficiency,” Coinbase International added.
Eyes further expansion
Coinbase further explained that it remains focused on expanding its services abroad amid the regulatory shakedown in the United States.
Coinbase has been entangled in a significant legal dispute with the U.S. Securities and Exchange Commission (SEC) for the past year. The regulatory body has accused the exchange of operating an unlawful platform and listing multiple securities tokens. The financial regulator has also filed similar lawsuits against rivals like Binance, Kraken, and others.
However, Coinbase has contested these allegations. Instead, it advocated for the SEC to establish specific regulations tailored to the emerging industry.
Coinbase highlights these issues in its statement, noting how this has impacted its relationship with asset issuers and the crypto community. It said:
“We recognize the hesitancy among some asset issuers and members of the crypto community to engage with US exchanges due to the evolving and uncertain regulatory landscape in the United States.”
Due to this, the platform launched an international arm in May to “offer a trusted and compliant non-US spot market for those participants.
Since its launch, Coinbase International has grown substantially, processing nearly $10 billion in perpetual futures trading volume in Q3 alone and adding over 100 institutional clients to its platform.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,142.41
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
USD Coin
$1.00003
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.