Amid regulatory battles in the United States, cryptocurrency exchange Coinbase has decided to expand its operations overseas with a global platform. Members of the cryptocurrency community voiced their opinions following the news, with some criticizing the US Securities and Exchange Commission (SEC) and others expressing confidence in the future of cryptocurrencies.
On May 2, the exchange announced the launch of Coinbase International Exchange (CIE), a cryptocurrency derivatives platform for institutional investors. Exchange trading will be available to institutional clients in eligible jurisdictions outside the United States. Coinbase has been preparing ing the move since March, As many US regulators have targeted crypto firms for their alleged role in the collapse of Silvergate Bank, Silicon Valley Bank and Signature Bank.
With the launch of the company's international exchange, various community members expressed their support for Coinbase and the growth of cryptocurrencies on a global scale. Tyler Winklevoss, CEO of Gemini, which also recently launched a global derivatives platform, tweet ed that “crypto is global” and said it's important that everyone leans toward it. Meanwhile, a community member said that Coinbase's new initiative is a good step for the cryptocurrency. "Crypto is the future and it's taking off, whether or not certain countries choose to over-regulate it, " they tweeted. On Reddit, a community member thought Coinbase made a great decision. According to the Redditor, Coinbase is better safe than sorry. While some celebrated the new developments, others turned their pitchforks to US regulators.Community member Jesse Dow expressed distress with SEC Chairman Gary Gensler, accusing him of being "a man with an agenda."
Additionally, CryptoLaw founder John Deaton claimed that the SEC “failed miserably in protecting investors.” The lawyer said the commission failed to maintain a fair, orderly and efficient market.
