Coinbase CEO: Coinbase Approved to Launch Global Crypto Perpetual Contract Services in the U.S.

Golden Finance reported that on June 11, Coinbase CEO Brian Armstrong posted on the X platform, stating that an important development last week was overshadowed by market noise: Coinbase has been approved to offer genuine global cryptocurrency perpetual contract trading services in the United States. This achievement is the result of years of effort, and we are the first platform to bring global liquidity to U.S. users. Here’s the background: For years, due to the lack of clear regulatory rules in the U.S., crypto trading activities have continuously flowed to overseas markets. Perpetual contracts, a product favored by traders, have long been unavailable legally in the U.S. Frankly speaking, approximately 50% of perpetual contract trading volume may come from U.S. users accessing overseas platforms via VPNs, relying on more lenient KYC requirements. This is almost an open secret within the industry. Penalties for such behavior are rarely enforced, which is undoubtedly frustrating for companies like Coinbase that strictly adhere to U.S. regulations. Meanwhile, some competitors bypass regulatory restrictions by setting up offshore entities. After dozens of trips to Washington, D.C., for discussions and even more efforts by our policy team, I am incredibly proud to announce that we have finally obtained approval to allow U.S. users access to a truly globally connected perpetual contract market. This progress is significant because it will enable the perpetual contract market to form a globally unified liquidity pool. The U.S. market and international markets will no longer be isolated from each other but will achieve interconnectivity. Coinbase has a strong advantage in the U.S. market, and the U.S. itself is the largest trading market globally. Therefore, we now have the opportunity to build genuine global network effects around liquidity. At the same time, U.S. traders will be able to use these products through a company regulated and compliant with U.S. laws, gaining better customer protection. Special thanks to U.S. CFTC Chair Caroline Pham Selig (referred to as Chair Selig in the text) and Paul Atkins for recognizing the importance of this matter. They understand the significance of this innovation for the development of U.S. capital markets. In the future, we will continue to upgrade the financial system in a compliant manner and strive to become the most trusted trading platform for users.