Coinbase Is Expanding Its Crypto Trading Services Globally
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Coinbase Is Expanding Its Crypto Trading Services Globally

Coinbase Global Inc. is expanding globally by introducing spot cryptocurrency trading on its international exchange. 

The move comes in response to user concerns about uncertain regulatory conditions in the United States, prompting the platform to broaden its services internationally.

Starting December 14, institutional investors can trade Bitcoin (BTC) and Ethereum (ETH) against the USDC stablecoin on the international platform, which currently emphasizes derivatives, as outlined in the company’s statement.

The cryptocurrency market has experienced a partial recovery from the downturn in 2022, driven in part by investor anticipation of the United States potentially approving its first spot Bitcoin exchange-traded funds (ETF) in the coming weeks. 

See Also: Coinbase Announces New Smart Contract Platform For Institutional Investors

Coinbase’s stock, which reached above $300 per share in 2021, has surged approximately fourfold this year to around $140 per share, as reported by Bloomberg on December 13.

In May, Coinbase launched its international exchange as a strategic move to diversify beyond the United States. 

The platform plans to gradually introduce more tokens and extend offshore spot trading to retail investors as liquidity increases.

However, exchange platforms are troubled by constant legal issues; the US Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase, accusing the nation’s largest digital asset platform of operating an illegal exchange, broker, and clearing agency. 

Coinbase contests these allegations, part of a broader SEC enforcement effort prompted by a series of cryptocurrency failures, notably the FTX wipeout.

The SEC has initiated legal action against the Kraken and Binance exchanges, alleging a failure to register with the regulatory agency. 

Both firms have rebuffed the watchdog’s assertions. Concurrently, the sluggish advancement of cryptocurrency-related bills in Congress contributes to the unclear regulatory landscape in the United States.

See Also: Coinbase Lists SEAM Token as Airdrop and Liquidity Mining Program Begin

Binance, once the most prominent global digital asset exchange, has seen a decline in its dominance due to various official investigations, creating opportunities for competitors. 

In the previous month, Binance admitted guilt concerning US anti-money-laundering and sanctions violations, resulting in a substantial $4.3 billion penalty.

This paves the way for the emergence and success of its competitors, among which is Coinbase.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.