Coinbase launches exchange outside U.S

Source: San Francisco Business Times, Bloomberg Reports

Coinbase Global Inc. is launching an international derivatives exchange for institutional crypto traders outside the U.S., Bloomberg reports. The new platform, Coinbase International Exchange, will list bitcoin and ether perpetual futures starting this week after it received a license last month from the Bermuda Monetary Authority.

The company — once headquartered in San Francisco — has been facing rising legal uncertainty after receiving a Wells Notice from the SEC in March, signaling the agency’s plan to take legal action over several of its business lines. Meanwhile, Coinbase is now facing a proposed class-action lawsuit filed Monday in federal court in San Francisco that alleges the company illegally collects face templates and fingerprints of its customers in violation of Illinois’ biometric privacy law.