Coinbase approved to offer Bitcoin futures trading in the US

Coinbase approved to offer Bitcoin futures trading in the US
фото показано с : invezz.com

2023-8-17 15:13

Coinbase has received approval to offer Bitcoin and crypto futures to investors in the US.

Approval means Coinbase’s US customers now have access to federally-regulated crypto futures trading, according to details the cryptocurrency exchange shared early today.

Coinbase receives NFA approval

Coinbase applied for approval from the National Futures Association (NFA), a Commodity Futures Trading Commission (CFTC)-designated self-regulatory organisation in September 2021.

In 2022, it acquired CFTC-regulated futures exchange FairX (renamed Coinbase Derivatives Exchange), with futures contracts on offer including nano bitcoin and nano Ether. These are open to both retail and institutional investors, the latter available from June 5, 2023.

With this approval, the exchange can now offer access to regulated futures contracts alongside its spot markets to all eligible customers. Coinbase will achieve this by operating as a Futures Commission Merchant (FCM), where both the CFTC and the NFA will provide oversight.

Greg Tusar, VP for Institutional Product at Coinbase said in a blog announcement:

“Approval for US customers to access regulated crypto derivatives will allow more people to access the cryptoeconomy in the United States in a safe way that helps keep the US at the center of digital innovation.”

The NFA approval is milestone for the company as it eyes further traction in a crypto market segment that accounts for approximately 75% of global crypto trading volume, Tusar added.

COIN shares closed slightly more than 2% down at $79.18 on Tuesday but were up 3.8% in pre-market trading at $82.15 around 7:46 am ET on August 16.

The post Coinbase approved to offer Bitcoin futures trading in the US appeared first on Invezz.

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