As the cryptocurrency industry faces regulatory challenges in the United States, public crypto exchange Coinbase continues to be a global innovation platform.
On May 2, Coinbase announced the launch of the Coinbase International Exchange (CIE), a new corporate platform designed for trading crypto servers.
CIE will start trading by listing Bitcoin
BTC
tickers down
$28,679
and Ether
ETH
tickers down
$1,874
future forever later this week. All trades will be settled on CIE and Coinbase supports stablecoin USD Coin
USDC
tickers down
$1.00
, without requiring fiat on-ramps.
Coinbase emphasized that direct trading with CIE is available to institutional clients through the application programming interface in non-US jurisdictions. “These products are not available for retail customers at this time,” Coinbase added.
According to the announcement, the new international crypto platform is being launched with the approval of regulators in Bermuda. As previously reported, Coinbase received a license from the Bermuda Monetary Authority (BMA) from mid-April 2023. The Class F License allows Coinbase to operate a digital currency exchange and a digital currency production provider and act as token sales and delivery.
Coinbase said Bermuda’s regulatory environment is known for its “high level of transparency, tolerance and cooperation.”
Advertising
Stay safe with Web3. Learn more about Web3 Antivirus →
Bermuda is a self-governing British overseas territory with a parliamentary government. Similarly to the United Kingdom – where cryptocurrencies are now legal – Bermuda is crypto-friendly, growing increasingly bullish on the crypto industry recently.
In late April, Miami International Holdings, the operator of the Bermuda Stock Exchange, bought what was left of the failed crypto exchange FTX. The company bought FTX futures on the options exchange, and cleared LedgerX for $50 million.
Earlier, Bermudan Premier and Finance Minister Edward Burt announced that the government is still open to crypto despite the failure of companies like FTX. Last year, local authorities also said that Bermuda would maintain its crypto goals despite the industry facing a huge market boom in 2022.
Link: ARK Invest spends the day Int’l users buy $8M in Coinbase shares
The news comes amid the largest investment bank in the United States Citigroup downgrading Coinbase shares to neutral or high risk from buy or high risk with a price target of $ 65, down from $ 80 . According to Citigroup analyst Peter Christiansen, the lack of regulation in the broader cryptocurrency space is a threat to Coinbase.
Citi’s comments came amid an already multi-week decline in Coinbase shares. Over the past month, Coinbase shares have fallen more than 20%, falling from a high of nearly $72 in April to $50 on Monday, May 1.
As previously reported, Coinbase planned to set up a global crypto exchange as of the middle of March 2022. The first news that Coinbase is coming to the world’s crypto platform came just a few days before the royal exchange announced that He received a Wells notice from United States Securities. and Exchange Commission. In response, Coinbase filed a complaint against the SEC on April 25, asking the regulator to clarify the company’s regulations.
