Coinbase Global, a prominent cryptocurrency exchange, announced a significant regulatory victory by securing approval to introduce cryptocurrency futures trading to retail customers within the United States.
Despite an ongoing legal battle with the US Securities and Exchange Commission (SEC), this regulatory milestone marks a major step for Coinbase in diversifying its offerings.
The approved expansion empowers Coinbase to facilitate the direct trading of bitcoin and ether futures to eligible retail customers across the US.
Following the approval, Coinbase's shares surged by 3%, reaching $81.55. The clearance to offer cryptocurrency futures trading was granted by the National Futures Association (NFA), a self-regulatory organization entrusted by the Commodity Futures Trading Commission (CFTC) to oversee certain derivatives markets.
Coinbase expressed its commitment to regulatory compliance, stating, "This is a critical milestone that reaffirms our commitment to operate a regulated and compliant business."
Amidst the legal challenges, Coinbase's CEO Brian Armstrong has been vocal about the company's concerns regarding regulatory environments, suggesting that stricter enforcement measures could impede industry innovation.
Additionally, Armstrong cautioned that such conditions might prompt crypto companies to seek operations overseas.