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Coinbase ($COIN) Files For Crypto Futures Offerings

by Miki 09/16/2021
by Miki 09/16/2021 0 comment

Coinbase Inc ($COIN), one of the top global crypto exchanges based out of New York has filed with the National Futures Association (NFA) to offer crypto futures services. The crypto exchange filed the application on September 15 and if approved it would join the likes of FTX.US who recently acquired a CFTC approved derivative platform ledgerX to offer crypto derivative services to their clients. The exchange said,

“This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms. Goal: Further grow the crypto economy.”

Today, Coinbase filed an application with the NFA to register as an FCM → Futures Commission Merchant.

This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms.

👉 Goal: Further grow the cryptoeconomy.

— Coinbase (@coinbase) September 15, 2021

The crypto exchange claimed that once approved, the new offerings would help them expand their crypto services and also help in the growth of the crypto economy. Once approved by the NFA, the crypto exchange would then need the clearance of CFTC as well to get a green light for their crypto futures offerings.

The US regulators have been quite passive towards crypto derivative offerings and this is the reason there are very few crypto platforms that have been approved to do so. The major concern of regulators is the high trading leverage that many of the crypto exchanges used to offer. CFTC in the past has investigated Binance for the same.

While the US remains cautious about the crypto derivative market, the world seems to be getting on the trend and crypto derivatives have dwarfed the crypto spot market. Over the past 24-hours crypto derivative platforms processed over $143 billion in trading volume.

Can Coinbase Get a Nod Amid Regulatory Tensions?

Coinbase went public in April this year marking the beginning of a new era of publically traded crypto companies. However, its public debut was delayed due to an investigation by the CFTC and was later cleared with a fine. Now, Coinbase is facing another regulatory hurdle from the US SEC, the top US regulatory body that has threatened the crypto exchange with a lawsuit over their unreleased lending product.

The crypto platform has vowed to work with regulators but at the same time has demanded better clarity around existing regulations. Coinbase has the potential to become a market leader if it manages to get the crypto derivative nod.



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The New Jersey Crypto News
  • Home
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    • Bitcoin
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

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      11/12/2021

      Learn

      How to Trade Bitcoin Futures

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      Learn

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  • Analysis
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      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
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      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

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