Citing uncertainty over US regulations, Coinbase expands spot cryptocurrency trading to an international platform.
On Coinbase’s international platform, institutional investors can trade bitcoin and ether against the USDC stablecoin starting on Thursday.
Coinbase launched its international exchange in May in an attempt to diversify away from the US, where the SEC is suing it.
Adopt Me Trading Values: Above $300 Citing Uncertainty Over US Regulations Now
As part of its global expansion, Coinbase Global is introducing spot cryptocurrency trading on its exchange.
The company notes that some users are hesitant to use US venues because of the unpredictability of the country’s regulatory environment.
According to a statement from the company, institutional investors can trade ether and bitcoin against the USDC stablecoin on the global platform starting on Thursday.
The platform is currently focused on derivatives.
“Having both spot and derivatives trading side by side is really important,” Coinbase’s head of institutional product, Greg Tusar, stated in an interview.
They support one another and guarantee a liquid and deep market. It is a component of a bold and thrilling road map.
Coinbase is being sued by the US Securities and Exchange Commission (SEC) for allegedly operating an unlicensed exchange.
Clearing house and broker.
The largest digital asset platform in the country contests the allegations, which are a part of a larger SEC investigation after several cryptocurrency collapses, the most notable of which was the FTX wipe out.
The exchanges Kraken and Binance have also been sued by the SEC for not registering with the organisation. The watchdog’s arguments have been dismissed by both companies.
In the meantime, the uncertain regulatory landscape in the US is exacerbated by the sluggish passage of crypto-related bills through Congress.
Due in part to investor expectations that the US will approve the first spot bitcoin exchange-traded funds in the upcoming weeks, the cryptocurrency market has partially recovered from its 2022 collapse.
Although Coinbase’s stock traded above $300 in 2021, it has nearly quadrupled in value this year to about US$140 per share. Although Binance is the biggest exchange for digital assets worldwide, a network of government investigations has made it less dominant, giving competitors more room to operate.
Last month, Binance entered a guilty plea to US anti-money-laundering and sanctions offences.
The US guilty plea of Binance complicates the Hong Kong affiliate’s application for a cryptocurrency licence.
The Post revealed last month that the cryptocurrency behemoth established HKVAEX, a distinct cryptocurrency exchange, in order to apply for a licence in the city.
The Virtual Asset Trading Platform applicants must meet “rigorous requirements” set by Hong Kong’s regulator, as well as those of their significant shareholders.
Industry experts said that as Binance-
backed local firm HKVAEX gets ready to apply for a crypto licence in the city, the cryptocurrency exchange’s plans to establish a legitimate foothold in Hong Kong may face obstacles due to Binance and its founder Changpeng Zhao’s guilty plea to US anti-money-laundering laws.
founder of the biggest cryptocurrency exchange in the world, Zhao, resigned as CEO on Tuesday and entered a guilty plea to violating US anti-money-laundering laws as part of a US$4.3 billion settlement that ended an extensive federal investigation. Additionally, authorities said that Binance entered a guilty plea to violating US anti-money-
laundering and sanctions laws for failing to disclose suspicious transactions with websites that sell materials promoting child sexual abuse and with organisations the US designated as terrorist organisations.
Experts speculated that Zhao and Binance’s guilty plea to US federal charges may now make it more difficult for a business with close ties to Binance to apply for a licence in Hong Kong.
According to Patricia Ho, general counsel at blockchain startup Scroll, the Securities and Futures Commission (SFC) in Hong Kong has “robust requirements” for applicants of Virtual Asset Trading Platforms, as well as for their significant shareholders, ultimate owners, or other controllers.
According to Ho, the SFC’s evaluation of an application would be directly impacted if a person falling into one of these categories broke anti-money-
laundering laws in Hong Kong or elsewhere, or if they were found guilty of crimes involving money laundering or financing terrorism in Hong Kong or elsewhere.
“Any organisation requesting licences in Hong Kong would.
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