US-based cryptocurrency exchange Coinbase has filed an application with the National Futures Association (NFA) to register as a futures commission merchant (FCM). In the long run, the move will enable the company to obtain a license from the Commodity Futures Trading Commission (CFTC).
Coinbase plans to register the legal entity Coinbase Financial Markets Inc. as a self-regulatory organization, thus meeting the requirements necessary to offer futures trading in the US market. The company said:
"Today, Coinbase filed an application with the NFA to register as an FCM → Futures Commission Merchant. This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms."
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Coinbase's head of institutional sales Brett Tejpole has previously said derivatives, including futures, are part of Coinbase's roadmap. This year, the crypto exchange acquired Skew, an analytics platform that tracks derivatives market data.