Coinbase gets approval to allow crypto futures trading in US By Reuters
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© Reuters. FILE PHOTO: A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – Coinbase Global (O:) said on Wednesday it had secured regulatory approval to allow U.S. retail customers to trade crypto futures, sending shares of the exchange up 5% in premarket trading.
Coinbase said the approval from the National Futures Association was a “critical milestone that reaffirms our commitment to operate a regulated and compliant business.”
In June, the exchange was slapped with a lawsuit by the U.S. Securities and Exchange Commission, which accused it of operating illegally because it failed to register as an exchange.
Crypto derivatives trading volumes in July totaled about $1.85 trillion, according to research firm CCData.
The derivatives market represents almost 80% of the entire crypto market, with leveraged bets on futures and other derivatives often at the root of volatility in the wider market.
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© Reuters. FILE PHOTO: A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – Coinbase Global (O:) said on Wednesday it had secured regulatory approval to allow U.S. retail customers to trade crypto futures, sending shares of the exchange up 5% in premarket trading.
Coinbase said the approval from the National Futures Association was a “critical milestone that reaffirms our commitment to operate a regulated and compliant business.”
In June, the exchange was slapped with a lawsuit by the U.S. Securities and Exchange Commission, which accused it of operating illegally because it failed to register as an exchange.
Crypto derivatives trading volumes in July totaled about $1.85 trillion, according to research firm CCData.
The derivatives market represents almost 80% of the entire crypto market, with leveraged bets on futures and other derivatives often at the root of volatility in the wider market.
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