Cryptocurrency exchange Coinbase, based in the United States, has announced that institutional investors on their international exchange can access cryptocurrency spot trading services.
In a statement on December 13th, Coinbase stated that institutional customers based outside of the United States would be able to trade Bitcoin (BTC) and Ethereum (ETH) with USD Coin (USDC). The exchange indicated that the services would launch on December 14th and later expand to include retail investors, additional tokens, and “features that enable new trading strategies and improve capital efficiency.”
Coinbase explained: “We have observed the hesitation of some asset issuers and members of the cryptocurrency community when it comes to engaging with U.S.-based exchanges due to the evolving and uncertain U.S. regulatory landscape.”
Coinbase is currently facing a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in June, in which the company is accused of operating as an unregistered securities exchange, broker, and clearing agency. Other U.S. exchanges, including Binance and Kraken, have faced similar SEC enforcement actions or have been criminally charged by the Department of Justice.
Coinbase launched its International Exchange in May, initially offering perpetual futures trading for BTC and ETH to institutional investors. In September, the exchange announced its plans to expand and offer similar services to retail traders.