Coinbase introduces spot crypto trading to institutional investors outside the US
US-based cryptocurrency exchange Coinbase has announced that institutional investors on the global exchange will be able to access crypto trading services.
In a December 13 announcement, Coinbase said that institutional customers based outside the US can now trade Bitcoin (BTC) and Ether (ETH) with USD Coin (USDC). The exchange said the services will launch on December 14 and will later expand to include retail investors, additional tokens and “features that enable new trading strategies and improve capital efficiency”.
Due to the evolving and uncertain regulatory landscape in the United States, we understand the reluctance among some issuers and members of the crypto community to engage with US exchanges.
We are excited to announce the next phase of our Coinbase International Exchange expansion – the launch of non-US spot markets for our eligible customers designed to meet the unique needs and interests of our global user base. pic.twitter.com/JWEChT5BDa
— Coinbase ️ (@coinbase) December 13, 2023
Coinbases was sued by the US Securities and Exchange Commission in June, alleging that the company operates as an unregistered securities exchange, brokerage and clearing agency. Other US exchanges, including Binance and Kraken, face similar enforcement actions by the SEC or the Commodity Futures Trading Commission or criminal charges by the Department of Justice.
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Coinbase launched a global exchange in May for institutional investors to trade BTC and ETH perpetual futures. In September, the exchange announced that it would expand to offer similar services to retail traders.
In the United States, Coinbase's Stand With Crypto initiative has engaged voters ahead of the 2024 elections. On December 11, the organization organized a presidential forum where three candidates from opposing political parties discussed issues related to crypto and blockchain.
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