Cryptocurrency exchange Coinbase has decided to launch an international platform in response to regulatory challenges in the United States. The move has ignited criticism and optimism from crypto community members.
On May 2, the exchange announced the launch of Coinbase International Exchange (CIE), an institutional investor-focused crypto derivatives platform. The exchange will offer trading to institutional consumers in eligible jurisdictions outside the United States.
Since March, Coinbase has been preparing for this move. Numerous U.S. regulators have targeted crypto firms for their perceived roles in the failures of Silvergate, Silicon Valley Bank, and Signature.
Upon introducing the company’s international exchange, numerous community members voiced their support for Coinbase and the global expansion of cryptocurrencies. Tyler Winklevoss, the CEO of Gemini, which also recently launched a global derivatives platform, tweeted that “crypto is global” and emphasized that everyone should embrace this trend.
In the meantime, a community member stated that Coinbase’s new action is a positive step for cryptocurrencies. “Crypto is the future, and it is gaining traction, regardless of the countries that choose to overregulate crypto,” they tweeted. A community member on Reddit believes that Coinbase made an excellent decision. According to the Reddit user, Coinbase should err on caution.
While some lauded the new development, others attacked U.S. regulators with pitchforks. Jesse Dow, a community member, was dissatisfied with SEC chairman Gary Gensler and accused him of being “someone with an agenda.”
Moreover, the founder of Crypto Law US, John Deaton, asserted that the SEC “failed miserably” to defend investors. The attorney posted that the commission has failed to maintain fair, efficient, and orderly markets.
