Coinbase Internationalization Sparks Community Reactions: Crypto Is Global

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Amid regulatory struggles in the United States, crypto exchange Coinbase decided to expand its operations overseas with a global platform. Following the news, members of the crypto community expressed their opinions, with some criticizing the Securities and Exchange Commission (SEC) and others expressing confidence in the future of cryptos.

On May 2, the exchange announced the launch of Coinbase International Exchange (CIE), a crypto derivatives platform for institutional investors. Exchange trading will be offered to institutional clients in eligible jurisdictions outside of the United States.

It’s official! The Coinbase international exchange is here. Institutional traders in eligible non-US jurisdictions now have access to USDC-settled perpetual futures with up to 5x leverage.

Read more about our announcement https://t.co/vrIfK999om pic.twitter.com/E5ssl8NBz3

Coinbase International Exchange (@CoinbaseIntExch) May 2, 2023

Coinbase has been preparing for the move since March, when many U.S. regulators targeted crypto firms for their perceived role in the collapses of Silvergate Bank, Silicon Valley Bank, and Signature Bank.

During the launch of the company’s international exchange, various members of the community expressed their support for the growth of Coinbase and cryptos around the world. Tyler Winklevoss, CEO of Gemini, which also recently launched a global derivatives platform, tweeted that crypto is global and said it was important for everyone to look into this.

Meanwhile, a community member said Coinbases’ new move was a good step for crypto. Crypto is the future and it is taking off, with or without some countries choosing to over-regulate crypto, they tweeted. On Reddit, a community member thinks Coinbase made a great decision. According to the Redditor, Coinbase is better off being safe than sorry.

Related: Coinbase Executives and Board Members Sued for Alleged Insider Trading During Listing

While some celebrated the new development, others turned their forks to US regulators. Community member Jesse Dow expressed his dissatisfaction with SEC Chairman Gary Gensler, accusing him of being someone with an agenda.

#Coinbase is going international because @GaryGensler is either a jerk or someone with an agenda. https://t.co/YGQrqDpkDb

Jesse Dow (@JesseLeeDow1) May 2, 2023

Additionally, CryptoLaw founder John Deaton claimed that the SEC had failed miserably to protect investors. The attorney said the commission failed to maintain fair, orderly and efficient markets.

Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Word?

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