Bitcoin
Coinbase Gets Approval for US Crypto Futures Listing
US-based Coinbase achieves a major milestone. After a two-year wait, the exchange gains approval to list cryptocurrency futures in the country.
Coinbase, a prominent crypto exchange operating within the United States, has recently witnessed significant development. Nearly a couple of years back, the platform applied to get approval for listing crypto futures within the country’s jurisdiction. As a result of that, the company has now received the authorization and can list crypto futures.
The NFA Finally Authorizes Coinbase Concerning the Crypto Futures’ Listing in the US Jurisdiction
The National Futures Association (NFA) has granted the respective approval to Coinbase Financial Markets to urn as a Futures Commission Merchant (or FCM). This was disclosed in an announcement issued on Wednesday. The operations to be performed by FCMs take into account the sale and purchase of futures contracts, analogous to a market maker.
Also Read: A US Senator and Crypto Lobbyists Persuade Court to Discharge the Case Against Coinbase
The NFA is considered to be a self-regulator platform and is designated by the federal derivatives regulatory agency named the Commodity Futures Trading Commission (CFTC). The first application filed by Coinbase with the NFA was witnessed back in 2021’s September. The latest approval turns the crypto exchange into the earliest crypto-centered entity operating in the United States to provide leveraged and regulated crypto futures.
The CEO of Coinbase Financial Markets Expresses Optimism about the Impact of This Approval
It can also offer conventional spot trading, as disclosed in its announcement. Andrew Sears (the chief executive officer of Coinbase Financial Markets) commented on this move. The executive said that enabling US investors to access regulated and secure crypto futures plays a significant role in further advancement and wider participation in the sector of the crypto economy.
In June 2023, Cboe Digital (the Cboe Global Markets’ crypto unit) also got authorization from the CFTC for the provision of margined Ether and Bitcoin futures contracts. Nasdaq-based COIN shares see a 5% elevation at $83.20 in the case of pre-market trading.
