Coinbase cryptocurrency exchange (COIN) has obtained regulatory clearance to introduce crypto futures trading in the United States, marking a significant milestone.
Coinbase, the cryptocurrency exchange, has received the green light to offer crypto futures trading in the United States after almost two years of applying for approval. This approval came from the National Futures Association (NFA) and lets Coinbase operate as a Futures Commission Merchant (FCM), which is like a market maker that buys and sells futures contracts.
With this approval, Coinbase plans to offer regulated derivative products to eligible US customers through Coinbase Financial Markets. These products will be overseen by the National Futures Association and the Commodity Futures Trading Commission. Coinbase will be the first crypto platform in the US to offer both regulated crypto futures and regular trading.
Coinbase applied for this approval in 2021 and has been working with regulators to make sure they meet all the rules. This move allows US customers to access regulated crypto derivatives and be part of the growing crypto world while following the law.
Coinbase said, “We are happy to say that we got the approval, which will let eligible US customers use regulated crypto derivatives through Coinbase Financial Markets. This, along with our spot market, will let more people safely access the crypto world in the US while keeping the country a hub of digital progress.”
Futures Trading for Bitcoin, Ether and Other Approval
The company shared on X that it can now let users trade cryptocurrency futures contracts for Bitcoin and ETH. In a message, Coinbase said, “We think this is an important moment to offer regulated crypto stuff to people in the US. This is a big step that shows we’re serious about following the rules and being a safe and trusted place for our customers who use crypto.”
Another company called Cboe Digital, part of Cboe Global Markets, got the okay from the CFTC in June to offer Bitcoin and Ether futures that you can use with margin. Back then, Christy Goldsmith Romero, who works at the CFTC, said that it’s good to bring the right crypto stuff into the places where it’s watched by the government. This way, customers are protected, and there’s control, responsibility, and clear rules.
The value of COIN shares went up a lot too. They started 4% higher at $82.49 and are now trading around $79.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
