Coinbase Launches International Crypto Derivative Trading Exchange

JAKARTA - Coinbase Global Inc launched an international trading exchange for cryptocurrency derivatives on Tuesday, May 2, in the company's efforts to expand its reach worldwide amid rising tensions between the crypto sector and regulators in the United States.

The trading exchange will allow institutional users in eligible jurisdictions outside the US to trade on long-term contracts, according to a statement from Coinbase.

The digital asset industry is recovering from some bad events last year, including the bankruptcy of Sam Bankman-Fried's FTX crypto exchange.

Last month, Coinbase CEO Brian Armstrong warned that crypto companies will thrive in "outernational crops", except the US and Britain, which make their rules for the industry clearer.

Coinbase, which is in a dispute with US Securities and Exchange Commission (SEC), said last Tuesday that countries around the world were developing themselves as crypto centers because of the regulatory framework responsible.

"We want to see the US take a similar approach rather than regulation through law enforcement, which has led to a disappointing trend for the development of cryptocurrencies in the US," the crypto exchange said.

Separately, the Gemini crypto exchange also launched a derivative platform for long-term contract trading, outside US jurisdiction last Tuesday.