Coinbase, one of the world’s leading digital currency exchanges, has received approval from the Bermuda Monetary Authority (BMA) to operate its cryptocurrency operations in Bermuda. This has led to the launch of Coinbase International Exchange, aimed at making Coinbase’s trusted products and services more accessible to users of digital assets who live outside of the United States. The company notes that this move will help support an updating of the financial system, as more and more markets are moving forward with regulatory frameworks to become crypto hubs.
Coinbase’s International Exchange Features
The Coinbase International Exchange provides a liquidation framework that meets rigorous compliance standards. The exchange will include real-time 24/7 trading and liquidity provided by external market makers. This will ensure that users have a seamless experience and can trade digital assets in an efficient and secure manner.
Coinbase’s Response to the SEC’s Wells Notice
The launch of the Coinbase International Exchange comes shortly after Coinbase received a Wells notice from the U.S. Securities and Exchange Commission (SEC) for potential violations. In response, Coinbase filed an action suit against the SEC for lack of regulatory clarity. It also shared its Wells response with the public shortly after. Coinbase believes that other jurisdictions are moving forward with crypto-forward regulatory frameworks, and it would like to see the United States take a similar approach instead of regulation by enforcement. The company believes that this trend has led to disappointing crypto development in the country.
In conclusion, the launch of the Coinbase International Exchange is a significant move for Coinbase as it expands its reach beyond the United States. With a liquidation framework that meets rigorous compliance standards and real-time 24/7 trading, users can trade digital assets in an efficient and secure manner. Coinbase’s response to the SEC’s Wells notice highlights the need for regulatory clarity in the United States, as other jurisdictions are moving forward with crypto-forward regulatory frameworks.