Cryptocurrency exchange Coinbase has obtained approval from the National Futures Association (NFA) to offer investments in crypto futures to eligible customers in the United States.
Announcing the news on Aug. 16, Coinbase stated that the company is now officially allowed to operate a Futures Commission Merchant (FCM) platform.
The approval enables Coinbase to introduce Bitcoin (BTC) and Ether (ETH) futures contracts through its Commodity Futures Trading Commission (CFTC)-regulated derivatives exchange.
“This is a critical milestone that reaffirms our commitment to operate a regulated and compliant business and be the most trusted and secure crypto-native platform for our customers,” Coinbase said in the statement.
According to a notice on Coinbase’s cryptocurrency futures web page, the new futures trading service will not be immediately available in the United States.
“U.S. regulated futures trading is coming soon. Sign up to join the waitlist and get early access,” the company said on the website.
In the announcement, Coinbase claimed that the global crypto derivatives market accounts for 75% of crypto trading volume worldwide. “The ability to trade using margin gives customers leverage and access to the crypto market with less upfront investment than traditional spot trading,” the firm added.
As previously reported, Coinbase officially announced plans to launch BTC and ETH futures trading for institutional investors in early June. Previously, Coinbase also planned to launch a derivatives exchange in Bermuda, marking a step in its global expansion strategy.
The news comes amid Coinbase’s ongoing legal battle against the U.S. Securities and Exchange Commission. The regulator filed a lawsuit against Coinbase in early June, alleging that the exchange violated local securities laws by selling unregistered securities.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.