Coinbase Secures Regulatory Approval to Offer Crypto Futures to US Customers

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The Nasdaq-listed crypto exchange Coinbase has secured regulatory approval to operate a Futures Commission Merchant (FCM) and offer customers access to crypto futures. “Coinbase will now be the first crypto-native leader to directly offer traditional spot crypto trading alongside regulated and leveraged crypto futures,” the exchange detailed.

Coinbase Reaches ‘Critical Milestone’

Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Wednesday that it has reached “a critical milestone” by securing regulatory approval to offer crypto futures to eligible U.S. users. The announcement details:

Coinbase Financial Markets Inc. has secured regulatory approval from the National Futures Association (NFA), a CFTC-designated self-regulatory organization, to operate a Futures Commission Merchant (FCM) and offer eligible U.S. customers access to crypto futures from our platforms.

Coinbase filed an application with the NFA in September 2021 to register an FCM. The exchange stated Wednesday that the “approval has been secured.”

Noting that “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,” the announcement states:

Coinbase will now be the first crypto-native leader to directly offer traditional spot crypto trading alongside regulated and leveraged crypto futures, on an integrated trading solution for our verified customers.

Meanwhile, Coinbase is broadening its global presence. The exchange announced its official launch in Canada earlier this week.

The Nasdaq-listed crypto trading platform is also currently engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC). The regulator filed charges against Coinbase in June accusing the company of operating an unregistered securities exchange, broker, and clearing agency. Nonetheless, Coinbase maintains that the tokens it lists on its platforms are not securities. In contrast, SEC Chairman Gary Gensler views all crypto tokens, with the exception of bitcoin, as securities. Coinbase has appealed to the court to dismiss the SEC lawsuit, arguing that the regulatory body has exceeded its statutory authority.

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