News In Brief - September 20, 2021

September 20, 2021
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Beset by regulatory troubles, Coinbase has applied to the U.S. National Futures Association to register as a Futures Commission Merchant.

Coinbase Branches Out

In a tweet on Friday (September 17), Coinbase said that it had applied to the National Futures Association (NFA), the self-regulatory organization for the U.S. derivatives market, to register as a Futures Commission Merchant (FCM).

Coinbase's Twitter feed says: "This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms. Goal: Further grow the crypto-economy."

The NFA's headquarters are in Chicago. It regulates exchange-traded futures, retail off-exchange foreign currency and over-the-counter derivatives (swaps).

Coinbase is in hot water with the Securities and Exchange Commission at the moment over its plans to award users interest on the crypto-coins that they are not trading.

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