Coinbase, one of the leading crypto exchange platforms, has announced a significant expansion aimed at its International Exchange.
This strategy’s main objective is to offer spot markets outside the United States to meet the specific demands and needs of its extensive global user base.
The announcement highlights the introduction of spot trading operations for eligible clients operating outside the United States, scheduled to begin on December 14.
We are excited to announce the next phase of our Coinbase International Exchange expansion – the launch of non-US spot markets for eligible customers, designed to address the unique needs and demands of our global user base. pic.twitter.com/JWEChT5BDa
— Coinbase 🛡️📞 (@coinbase) December 13, 2023
In this initial phase, the platform will exclusively allow non-US institutional clients to trade BTC-USDC and ETH-USDC trading pairs through API access.
This decision has been made at a time of regulatory uncertainty in the United States, which has led some users to look for alternatives outside of US platforms.
Coinbase has seen notable growth since the launch of its International Exchange in May 2023.
With over 100 institutions on board, the platform has seen perpetual futures trading volume reach approximately $10 billion in the third quarter alone.
Additionally, it has expanded its services by offering perpetual futures to eligible retail users, increasing the maximum leverage to 10x for all listed contracts.
The Coinbase expansion strategy, titled “Go Broad, Go Deep,” focuses on providing international access
Recognizing concerns around the uncertain regulatory environment in the United States, the platform seeks to offer a reliable and compliant spot market for non-US participants.
However, clear restrictions are in place: Coinbase International Exchange will only be available to non-US customers in select jurisdictions, and US customers are strictly prohibited from accessing it.
Additionally, cryptocurrency derivatives will not be available to retail clients in the United Kingdom.
This move by Coinbase represents its continued commitment to providing a secure and compliant platform for global users, while also offering an alternative for cryptocurrency investors and issuers outside the United States at a time of regulatory uncertainty in the United States.