Key Points
- Coinbase Global’s global subsidiary, Coinbase International Exchange, now supports futures trading for Ripple (XRP) and Litecoin (LTC) for non-US international institutional customers.
- Earlier this year, Coinbase faced legal action from the US SEC for alleged unregistered securities offerings and operating an unregistered national securities exchange.
- Coinbase CEO, Brian Armstrong, revealed that the SEC had asked them to delist all crypto assets except Bitcoin, leading to concerns over regulatory control and impact on the US crypto industry.
Coinbase Global expands its offerings with XRP & LTC futures trading for institutional customers.
Coinbase, one of the leading cryptocurrency exchanges in the United States, has been facing legal challenges from the US Securities and Exchange Commission (SEC). Despite this, the exchange continues to offer a wide range of cryptocurrency services, not only in the US but also through its global subsidiaries.
On August 1, 2023, Coinbase International Exchange, a subsidiary of Coinbase, announced its decision to support futures trading for Litecoin (LTC) and Ripple (XRP) for customers outside the US.
@CoinbaseIntExch has added support for LTC-PERP and XRP-PERP perpetual future contracts.
These markets are now available for trading on Coinbase International Exchange. pic.twitter.com/Lw6KLnVQb6
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) August 1, 2023
The addition of XRP and LTC futures trading comes after the recent legal victory of Ripple Labs in the XRP lawsuit against the SEC. Coinbase re-listed XRP on its platform in June following the favorable court ruling.
It’s important to note that Coinbase International Exchange exclusively caters to non-US institutional investors, providing them with both offline and online crypto services.
However, back in June, Coinbase faced legal action from the SEC for alleged unregistered securities offerings and operating an unregistered national securities exchange. The regulatory challenges have put the exchange in the spotlight, but it remains committed to expanding its offerings for international customers.
Coinbase CEO, Brian Armstrong, recently revealed that the SEC had ordered the exchange to delist all crypto assets, except Bitcoin, prior to the lawsuit. The exchange refused the order, arguing that the SEC had not provided sufficient clarity on how they considered certain cryptocurrencies as securities.
JUST IN – The SEC told Coinbase “you need to delist every asset other than bitcoin.”
“We believe every asset other than #bitcoin is a security.” pic.twitter.com/wlG6J6qew1
— Bitcoin Magazine (@BitcoinMagazine) July 31, 2023
Armstrong believes that the SEC’s actions indicate an attempt to control and potentially dismantle the entire cryptocurrency industry in the US. Despite these hurdles, Coinbase continues to navigate the regulatory landscape and strives to provide valuable services to its global customer base.
