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Coinbase extends spot cryptocurrency trading to international platform citing US regulatory uncertainty

  • Institutional investors can initially trade bitcoin and ether against the USDC stablecoin from Thursday on Coinbase’s international platform
  • Coinbase started its international exchange in May as part of efforts to diversify away from the US, where it is being sued by the SEC

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The largest digital-asset platform in the US is diversifying away from its home base amid regulatory scrutiny. Photo: Bloomberg
Bloomberg

Coinbase Global is rolling out spot crypto trading on its international exchange as part of a global expansion, saying some users are wary of US venues due to the country’s uncertain regulatory backdrop.

Institutional investors can initially trade bitcoin and ether against the USDC stablecoin from Thursday on the international platform, which currently focuses on derivatives, the company said in a statement.

“It’s really important to have both spot and derivatives trading side by side,” Greg Tusar, head of institutional product at Coinbase, said in an interview. “They help each other and ensure there’s a deep and liquid market. It’s part of an aggressive and very exciting road map.”

The US Securities and Exchange Commission (SEC) is suing Coinbase for allegedly running an illegal exchange, broker and clearing agency. The nation’s largest digital-asset platform disputes the claims, which are part of a broader SEC crackdown following a string of crypto collapses headlined by the FTX wipeout.

The SEC has also sued the Kraken and Binance exchanges for failing to register with the agency. Both companies have rejected the watchdog’s arguments. Meanwhile, the slow progress of crypto-related bills through Congress adds to the murky regulatory outlook in the US.

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