Coinbase Opens Crypto Spot Trading for Global Institutional Investors Amid SEC Lawsuit
Summary:
U.S.-based cryptocurrency exchange Coinbase has made its crypto spot trading services available to institutional investors internationally, allowing transactions involving Bitcoin (BTC) and Ether (ETH) using USD Coin (USDC) from December 14th. The services will gradually extend to retail investors, more tokens, and tools for executing new trading strategies. Simultaneously, Coinbase is dealing with a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The firm had launched its International Exchange earlier in May and plans to expand its services to retail traders.
Coinbase, a cryptocurrency exchange based in the United States, has revealed that its global platform will now provide crypto spot trading services for institutional investors. As declared on December 13, institutional patrons located outside the U.S can now perform transactions involving Bitcoin (BTC) and Ether (ETH) using USD Coin (USDC). Coinbase indicated that these facilities will be introduced starting from December 14, and eventually be extended to individual investors, additional tokens, and tools for executing new trading strategies and boosting capital functionality. Coinbase acknowledges the reluctance of some crypto actors and asset providers to associate with U.S. exchanges due to the unpredictable and developing regulatory field in the U.S.
In ongoing legal troubles, Coinbase is currently battling a lawsuit by the U.S. Securities and Exchange Commission (SEC) filed in June, alleging that the company is functioning as an unregistered securities exchange, broker and clearing agency. Similarly, other U.S exchanges such as Binance and Kraken are facing legal action by either the SEC, Commodity Futures Trading Commission or criminal accusations by the Department of Justice.
Earlier in May, Coinbase inaugurated its International Exchange, primarily offering BTC and ETH perpetual futures trading for institutional investors. Come September, the company announced plans to avail these services to individual traders as well. Aiming at influencing the 2024 elections, Coinbase has initiated the Stand With Crypto campaign in the U.S to engage with potential electors. On December 11, the organization convened a presidential forum, bringing together three candidates from divergent political parties to deliberate on matters concerning crypto and blockchain.
Published At
12/13/2023 7:19:42 PM
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