Coinbase gains approval to offer regulated crypto futures to US customers | CPT PPP Coverage
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Coinbase gains approval to offer regulated crypto futures to US customers appeared on coinjournal.net by Hassan Maishera.
Key takeaways
CFTC grants Coinbase permission to offer crypto futures
The National Futures Association, a self-regulatory organization designated by the Commodity and Futures Trading Commission (CFTC), has granted Coinbase the approval to offer eligible US customers access to crypto futures directly from its platforms.
This latest cryptocurrency news comes despite Coinbase’s ongoing legal battles with the United States Securities and Exchange Commission (SEC).
Coinbase Financial Markets CEO Andrew Sears stated that this latest development is key to unlocking growth and enabling broader participation in the crypto economy.
The cryptocurrency exchange filed an application with the NFA to register as an FCM nearly two years ago.
Following its application, Coinbase acquired CFTC-regulated futures exchange FairX and renamed it Coinbase Derivatives Exchange.
Coinbase Advanced Trade to gain access to crypto futures soon
The cryptocurrency exchange revealed that users of Coinbase Advanced Trade will be the first to be granted access to the regulated crypto futures. The products will then become available to customers of the institutional-focused prime brokerage platform Coinbase Prime later afterwards.
Greg Tusar, Coinbase’s head of institutional products, wrote in a company blog post that;
“Obtaining FCM approval was our next step in bringing these transparent and secure markets to our customers so they can access regulated futures contracts alongside our liquid spot market. In the coming months, we’ll provide additional information on how our verified US customers can access our futures offering.”
By offering regulated cryptocurrency futures, eligible users can be able to open long and short positions in the cryptocurrency market via Coinbase.
Coinbase Chief Policy Officer Faryar Shirzad believes that with the supervision of the CFTC and NFA, the cryptocurrency exchange can offer regulated futures that protect consumers and ensure that the United States remains the centre for digital innovation.
This latest development came barely two days after Coinbase entered the Canadian market. The cryptocurrency exchange expanded its service into Canada with the launch of Coinbase One in the North American country.
Coinbase also offered Canadians a free 30-day trial of Coinbase One as it looks to attract more customers to its platform.
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This article originally appeared on coinjournal.net by Hassan Maishera – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
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