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FollowingCoinbase completes integration with Deribit to provide compliant global cryptocurrency derivatives market access to U.S. qualified institutional customers
Coinbase has officially completed its integration with Deribit. This move allows eligible U.S. institutional customers to access the global cryptocurrency derivatives market through a regulated framework.
Compliance channels access to global derivatives markets
On Wednesday, Coinbase announced the merger of its international derivatives business with Deribit. Deribit is a leading cryptocurrency derivatives exchange known for providing options and perpetual contract trading services. After this integration is completed, qualified U.S. customers can trade through Coinbase Financial Markets, thereby accessing Deribit's deep liquidity pool. Coinbase Financial Markets is regulated by the Commodity Futures Trading Commission (CFTC).
On October 1, the balance and positions of Coinbase International Exchange were successfully transferred to Deribit. Prior to this move, U.S. traders had limited compliance access to the global cryptocurrency derivatives market, often requiring offshore entities to obtain exposure for advanced options and perpetual swaps.
Noun explanation: Deribit was established in 2016. It is a global derivatives exchange recognized for its high trading volume in cryptocurrency options and perpetual contracts, mainly serving institutional and individual traders outside the United States.
In May this year, the CFTC issued guidelines authorizing Coinbase Financial Markets to connect U.S. customers with international derivatives platforms, paving the way for the integration. According to Coinbase, cryptocurrency derivatives currently account for approximately 80% of global trading activity, highlighting the importance of providing compliance access to U.S. investors.
Comparison of market access before and after integration
Focus on Institutional Customers and Product Expansion
Coinbase said that U.S. institutional customers can now use Coinbase Prime and Coinbase Financial Markets to trade Derivbit options and perpetual contracts. Options products from Coinbase Prime are expected to be available to these customers in the coming weeks.
该公司进一步透露，计划在同一时期为非美国的合格零售交易者推出期权产品，并预计美国零售客户的访问权限将于 2024 年下半年开放。此举旨在扩大受监管的美国实体在全球加密货币衍生品格局中的影响力。
Coinbase 强调了其战略目标：将美国客户与世界最大的加密货币衍生品市场联系起来，为机构投资者提供更安全、更合规的访问途径，并简化此前与离岸交易设置相关的运营复杂性。
CFTC 的角色
商品期货交易委员会（CFTC）是美国监督衍生品市场的主要监管机构，确保 Coinbase Financial Markets 等平台符合客户保护、风险管理和市场诚信的标准。CFTC 近期的指导方针澄清了美国本土公司提供全球产品并保持监管监督的路径。
Coinbase 与 Deribit 的整合，紧随今年早些时候该公司获准在美国运营衍生品清算所之后，反映了其在合规框架内不断拓展机构和零售衍生品交易机会的努力。
