Coinbase Global launched an international exchange for cryptocurrency derivatives on Tuesday, as the company looks to expand its global footprint amid escalating tensions between the crypto sector and regulators in the United States.

The exchange will let institutional users in eligible jurisdictions outside the U.S. to trade in perpetual futures, Coinbase said.

The digital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried‘s crypto exchange FTX.

Last month, Coinbase Chief Executive Brian Armstrong had warned that crypto firms would develop in “offshore havens”, unless the U.S. and Britain make their rules for the industry much clearer.

Coinbase, engaged in a tussle with the U.S. Securities and Exchange Commission, said on Tuesday that countries around the world were developing themselves as crypto hubs due to a responsible regulatory framework.

“We would like to see the U.S. take a similar approach instead of regulation by enforcement, which has led to a disappointing trend for crypto development in the U.S.,” the crypto exchange said.

Separately, another crypto exchange Gemini on Tuesday launched a derivatives platform for trading perpetual futures, outside the U.S. jurisdiction.

© Thomson Reuters 2023

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