Coinbase Unveils Groundbreaking Opportunity: US Customers to Access Crypto Futures

Approval for Crypto Futures Trading

Despite ongoing regulatory turbulence, Nasdaq-listed Coinbase says the latest approval is a 'critical milestone' in its US cryptocurrency trading operations.

Access to Crypto Futures for US Retail Customers

Nearly two years after applying for approval, Coinbase can now offer crypto futures to US retail customers even as it fights a legal battle for allegedly breaking US trading rules.

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Application with National Futures Association

Coinbase first filed an application with the National Futures Association (NFA) in the US to operate what is known as a futures commission merchant and offer eligible US customers access to crypto futures from its platforms.

Regulatory Approval Confirmed

In a statement, Coinbase confirmed that it has secured approval from the NFA to finally offer bitcoin and ether futures directly to US customers and not just institutional clients. “Approval for US customers to access regulated crypto derivatives will allow more people to access the crypto economy in the US in a safe way,” it said.

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Positive Market Reaction

Following the announcement, Coinbase shares were up by about 4% as investors reacted positively to the news. The company stated, “This is a critical milestone that reaffirms our commitment to operate a regulated and compliant business and be the most trusted and secure crypto-native platform for our customers.”

Fighting the Legal Battle

The approval comes at a crucial time for Coinbase, as it has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC). The SEC sued the platform for allegedly operating as an “unregistered national securities exchange, broker and clearing agency”. Coinbase is vigorously defending itself against these allegations.

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Expansion into Ireland

Although facing regulatory challenges in the US, Coinbase had previously secured regulatory approval to operate as a virtual asset service provider in Ireland. This allowed the exchange to expand its operations internationally and appoint Cormac Dinan as its country leader for Ireland.