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Abstract:Coinbase secures pivotal regulatory approval, becoming the first crypto-native platform to offer integrated spot trading and regulated crypto futures. The exchange expands globally while navigating a legal battle with the SEC. Stay updated with the evolving crypto landscape through the WikiFX App.
In a recent landmark development, Coinbase, the renowned Nasdaq-listed cryptocurrency exchange, has achieved a pivotal regulatory green light, allowing it to function as a Futures Commission Merchant (FCM). With this, the platform can now provide its users with access to crypto futures.
Coinbase's new position makes it the pioneering crypto-centric entity to furnish an integrated trading solution that encompasses both conventional spot crypto trading and regulated crypto futures with leverage.
Coinbase's latest announcement confirmed its successful attainment of regulatory clearance from the National Futures Association (NFA), an entity designated by the Commodity Futures Trading Commission (CFTC) as a self-regulatory organization. This approval empowers Coinbase to roll out crypto futures trading for eligible American customers from its multiple platforms.
This strategic move dates back to September 2021 when Coinbase forwarded an application to the NFA for registering as an FCM. The exchange expressed its elation on Wednesday, stating that they've finally procured the sought-after approval.
In the words of Coinbase, “This pivotal step accentuates our dedication to leading a regulated, compliant enterprise, emphasizing our goal to be the safest and most reliable crypto-focused platform for our valued clientele.”
Amidst these advancements, Coinbase is also expanding its global footprint. The company recently proclaimed its official debut in the Canadian market, marking another significant move in its expansion strategy.
However, it's not all smooth sailing. Presently, Coinbase is entangled in a legal feud with the U.S. Securities and Exchange Commission (SEC). The SEC initiated legal proceedings against the crypto behemoth in June, alleging the exchange operated as an unauthorized securities platform, broker, and clearing agent. However, Coinbase remains resolute, asserting that the digital assets available on its platform aren't securities. This stance contrasts sharply with SEC Chairman Gary Gensler's perspective, who deems all cryptocurrencies (excluding Bitcoin) as securities. Coinbase has responded by urging the court to quash the SEC's lawsuit, contending the regulatory entity has overstepped its jurisdictional bounds.
For those keen on staying abreast with these evolving crypto narratives, consider downloading the WikiFX App on your mobile device, which offers timely updates on the latest in the financial realm. Access the App here: https://www.wikifx.com/en/download.html.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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