Coinbase Secures US Cryptocurrency Futures Trading Approval 5h4r35 All Details

The move will allow Coinbase to offer Bitcoin and ether futures directly to eligible US customers. 551s1d

By Reuters | Updated: 17 August 2023 12:13 IST

Coinbase Secures US Cryptocurrency Futures Trading Approval: All Details

Photo Credit: Reuters 3v6d2p

The NFA approval came nearly two years after Coinbase filed its application

Highlights

Coinbase shares climbed 3 percent to $81.55 after the approval
The approval was granted by the National Futures Association (NFA)
It could allow the company to expand into a largely untapped market

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Securities and Exchange Commission (SEC).

The move will allow Coinbase to offer bitcoin and ether futures directly to eligible US customers. Until now, only its institutional clients could trade in such products.

Coinbase shares climbed 3 percent to $81.55 (roughly Rs. 7,100) after the approval, which was granted by the Commodity Futures Trading Commission (CFTC).

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"This is a critical milestone that reaffirms our commitment to operate a regulated and compliant business," Coinbase said.

The company has openly criticized the SEC, which in a June lawsuit accused Coinbase of operating illegally because it had failed to as an exchange.

CEO Brian Armstrong has also said more US crypto companies could move offshore due to a hostile regulatory environment and that SEC Chair Gary Gensler's enforcement-first approach could stifle innovation in the industry.

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The NFA approval, which came nearly two years after Coinbase filed its application, could allow the company to expand into a largely untapped market.

The global derivatives market represents almost 80 percent of the entire crypto market, with leveraged bets on futures and other derivatives often at the root of volatility in the wider market.

In July, crypto derivatives trading volumes globally totaled about $1.85 trillion (roughly Rs. 1,53,78,100), according to research firm CCData.

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