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Coinbase Debuts International Perpetual Futures Exchange with 5x Leverage

Coinbase is launching a new platform called Coinbase International Exchange, allowing international users to trade perpetual futures out of Bermuda. The company faces ongoing struggles with regulators in its home market, the United States.

Coinbase logo
Coinbase logo

Expanding Into the Crypto Perps Market

With the introduction of the Coinbase International Exchange, the company is officially entering the crypto perps market. This follows recent headlines about disputes with U.S. regulators and plans for overseas expansion.

Platform Features and Market Makers

The new platform boasts a robust trading experience, partnership with external market makers providing liquidity, and a liquidation framework adhering to strict compliance standards. It will cater to institutional users in eligible jurisdictions outside of the U.S. and aims to offer additional versatility in trading strategies.

Initial Listings and Leverage Offered

Coinbase International Exchange will initially offer bitcoin and ether derivatives, with more listings planned. The platform will provide traders with 5x leverage to start.

Coinbase and other exchanges, like Gemini, want to build offshore derivatives businesses to compete with industry giants like OKX and Binance. This highlights both the opportunity to fill the gap left by the now-defunct FTX and the uncertain regulatory environment in the U.S.

Coinbase's ongoing conflict with the Securities and Exchange Commission (SEC) has intensified, as the company threatened a lawsuit following a Wells Notice issued against it in March. The firm plans to operate its new international exchange under Bermuda's regulatory framework.