Cypto

Coinbase introduces spot crypto trading for institutional investors outside US

1 year ago
BusinessL

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United States-based cryptocurrency exchange Coinbase announced that institutional investors on its international exchange can access spot crypto trading services.

In a Dec. 13 announcement, Coinbase said institutional clients based outside the U.S. will be able to trade Bitcoin (BTC) and Ether (ETH) against USD Coin (USDC). The exchange said the services would launch on Dec. 14 and later expand to include retail investors, additional tokens and “features that enable new trading strategies and enhance capital efficiency.”

“We recognize the hesitancy among some asset issuers and members of the crypto community to engage with U.S. exchanges due to the evolving and uncertain regulatory landscape in the United States,” said Coinbase.

Coinbases faces a lawsuit filed by the U.S. Securities and Exchange Commission in June, in which the firm allegedly operates as an unregistered securities exchange, broker and clearing agency. Other U.S. exchanges, including Binance and Kraken, face similar enforcement actions by the SEC or Commodity Futures Trading Commission or criminal charges by the Justice Department.

Related: Coinbase co-founder Fred Ehrsam sells $13M in COIN shares as ARK continues to divest

Coinbase launched its International Exchange in May, beginning with trading for BTC and ETH perpetual futures for institutional investors. In September, the exchange announced it would expand to offer the same services to retail traders.

In the United States, Coinbase’s Stand With Crypto initiative has engaged with prospective voters before the 2024 elections. On Dec. 11, the organization hosted a presidential forum where three candidates from opposing political parties discussed issues related to crypto and blockchain.

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