Coinbase Reaches ‘Critical Milestone’
Cryptocurrency exchange Coinbase has secured regulatory approval to offer crypto futures to eligible U.S. users. Here are the key points:
- Coinbase Financial Markets Inc. has received regulatory approval from the National Futures Association to operate as a Futures Commission Merchant (FCM) and provide access to crypto futures for U.S. customers.
- Coinbase filed the application with the NFA in September 2021 and has now received approval.
- Coinbase will become the first crypto-native platform to offer traditional spot crypto trading and regulated leveraged crypto futures in an integrated trading solution.
- The exchange recently launched in Canada, expanding its global presence.
- Coinbase is currently in a legal battle with the U.S. Securities and Exchange Commission over allegations of operating an unregistered securities exchange. Coinbase argues that the tokens it lists are not securities and has appealed to dismiss the lawsuit.
Hot Take:
Coinbase’s regulatory approval for crypto futures marks a significant milestone and reinforces its commitment to operating a regulated and compliant business. By offering both spot crypto trading and leveraged futures, Coinbase is positioning itself as a trusted and secure platform for cryptocurrency enthusiasts. The expansion into Canada further solidifies Coinbase’s global presence. The ongoing legal battle with the SEC highlights the challenges and debates surrounding the classification and regulation of cryptocurrencies. Coinbase’s appeal to dismiss the lawsuit will likely have implications for the broader crypto industry.
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