Coinbase has already taken the very first step toward listing crypto futures products. In line with an official tweet by the firm, the San Francisco-based cryptocurrency exchange company Coinbase has filed an application to get listed among the members of the National Futures Association and register as a futures commission merchant (FCM).
“This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms.”
Coinbase Inc. is “not an NFA member,” but Coinbase Financial Markets Inc. appears as “a pending NFA member.”
As per the NFA website, Joseph Nikolson is the Coinbase Financial Markets’ CEO, who joined the exchange in 2018.
According to FINRA’s BrokerCheck, He is a registered broker with FINRA for more than 20 years.
The NFA website recorded the past run-ins of Coinbase’s with federal regulators. While Coinbase Financial Markets is a relatively recent entity, Coinbase has settled charges with the Commodity Futures Trading Commission (CFTC) on allegations it self-traded digital assets and for allowing a former employee to wash trade litecoin.
It is not clear yet if Coinbase has also applied for any licenses with the CFTC, as the company will require some licenses from the regulator to list futures.
“We expect that process to approval will take longer but are looking forward to working with the NFA as they notice our application. An exchange spokesperson said that Coinbase is very enthusiastic to take the next to broaden our crypto offering and growing the crypto economy further.