Reactions to the new development varied, with some celebrating and others expressing their frustration toward U.S. regulators.
Amid the regulatory struggles in the United States, crypto exchange Coinbase has decided to bring its business abroad with a global platform. Following this, members of the crypto community expressed their opinions, with some criticizing the Securities and Exchange Commission (SEC) and others expressing confidence in crypto’s future.
On May 2, the exchange announced the launch of Coinbase International Exchange (CIE), which is a crypto derivatives platform catering to institutional investors. Trading in the exchange will be offered to institutional clients in eligible jurisdictions outside of the U.S.
It’s official! Coinbase International Exchange is here. Institutional traders in eligible non-US jurisdictions now have access to trade perpetual futures settled in USDC with up to 5x leverage.
— Coinbase International Exchange ️ (@CoinbaseIntExch) May 2, 2023
Read more about our announcement ⬇️https://t.co/vrIfK999om pic.twitter.com/E5ssl8NBz3
Coinbase has been preparing this move since March, as many U.S. regulators aimed at crypto firms for their perceived roles in the collapses of Silvergate, Silicon Valley Bank and Signature.
As the company’s international exchange was launched, various community members expressed their support for Coinbase and crypto’s growth worldwide. Tyler Winklevoss, the CEO of Gemini, which also recently launched a global derivatives platform, tweeted that “crypto is global” and expressed that it’s important that everyone is leaning into this.
Meanwhile, a community member said that Coinbase's new move is a good step for crypto. "Crypto is the future and it is taking off, with or without certain countries who choose to over-regulate against crypto," they tweeted. On Reddit, a community member believes that Coinbase made a great decision. According to the Redditor, it's better for Coinbase to be safe than sorry.
Related: Coinbase officers, board members face suit over alleged insider trading during listing
While some celebrated the new development, others turned their pitchforks toward U.S. regulators. Community member Jesse Dow expressed dissatisfaction towards SEC chair Gary Gensler, accusing him of being "someone with an agenda."
#Coinbase is going international because @GaryGensler is either a fool, or someone with an agenda. https://t.co/YGQrqDpkDb
— Jesse Dow (@JesseLeeDow1) May 2, 2023
Moreover, John Deaton, the founder of Crypto Law US, claimed that the SEC has "failed miserably to protect investors." The lawyer posted that the commission has not maintained fair, orderly and efficient markets.
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