Community reaction

Reactions to the new development varied, with some celebrating and others expressing their frustration toward U.S. regulators.

Amid the regulatory struggles in the United States, crypto exchange Coinbase has decided to bring its business abroad with a global platform. Following this, members of the crypto community expressed their opinions, with some criticizing the Securities and Exchange Commission (SEC) and others expressing confidence in crypto’s future. 

On May 2, the exchange announced the launch of Coinbase International Exchange (CIE), which is a crypto derivatives platform catering to institutional investors. Trading in the exchange will be offered to institutional clients in eligible jurisdictions outside of the U.S.

It’s official! Coinbase International Exchange is here. Institutional traders in eligible non-US jurisdictions now have access to trade perpetual futures settled in USDC with up to 5x leverage.

Read more about our announcement ⬇️https://t.co/vrIfK999om pic.twitter.com/E5ssl8NBz3

— Coinbase International Exchange ️ (@CoinbaseIntExch) May 2, 2023

Coinbase has been preparing this move since March, as many U.S. regulators aimed at crypto firms for their perceived roles in the collapses of Silvergate, Silicon Valley Bank and Signature. 

As the company’s international exchange was launched, various community members expressed their support for Coinbase and crypto’s growth worldwide. Tyler Winklevoss, the CEO of Gemini, which also recently launched a global derivatives platform, tweeted that “crypto is global” and expressed that it’s important that everyone is leaning into this.

Meanwhile, a community member said that Coinbase's new move is a good step for crypto. "Crypto is the future and it is taking off, with or without certain countries who choose to over-regulate against crypto," they tweeted. On Reddit, a community member believes that Coinbase made a great decision. According to the Redditor, it's better for Coinbase to be safe than sorry.

Related: Coinbase officers, board members face suit over alleged insider trading during listing

While some celebrated the new development, others turned their pitchforks toward U.S. regulators. Community member Jesse Dow expressed dissatisfaction towards SEC chair Gary Gensler, accusing him of being "someone with an agenda."

#Coinbase is going international because @GaryGensler is either a fool, or someone with an agenda. https://t.co/YGQrqDpkDb

— Jesse Dow (@JesseLeeDow1) May 2, 2023

Moreover, John Deaton, the founder of Crypto Law US, claimed that the SEC has "failed miserably to protect investors." The lawyer posted that the commission has not maintained fair, orderly and efficient markets. 

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

From wondering where the funds are to ridiculing Caroline Ellison’s trading skills, crypto community members reacted in various ways to news of exes pleading guilty.

In the newest update to the FTX saga, former Alameda Research CEO Caroline Ellison and former FTX co-founder Gary Wang plead guilty to fraud charges and are currently helping with the investigation of former FTX CEO Sam Bankman-Fried. As the news broke, crypto community members shared their thoughts on the new development. 

From wondering where customer funds went and ridiculing Ellison’s trading skills to wondering how much insider trading information the executives gave to Shark Tank star Kevin O’Leary, members of the crypto community tweeted various reactions to the executives pleading guilty and turning on Bankman-Fried.

post-jail SBF pic.twitter.com/2ZEDl7RshG

— Tiffany Fong (@TiffanyFong_) December 22, 2022

Responding to the story, community members raised important questions. One Twitter user highlighted an urgent inquiry: where is the customers’ money? The community member also asked if the confession will solve this problem or if the money is already gone. 

On the other hand, another Twitter user dragged Kevin O’Leary into the conversation. The user asked how much insider trading information was given to O'Leary in terms of assets being pumped and dumped. According to the community member, they don't think that Bankman-Fried is “the big fish” but rather simply a "bass swimming in the ocean."

Meanwhile, another member of the community brought up the recent alleged sightings of Ellison in New York. The Twitter user pointed out that people who saw the photos of Ellison in New York must know that the executive came to the United States under protection.

While others are raising serious questions, some took the opportunity to add some humor to the issue. One Twitter user ridiculed Ellison’s trading skills and said that it was the former Alameda CEO’s first time using a stop-loss function. 

So…For the first time ever, she’s using a “stop-loss”

— Caroline.Jea (@CarolineJP11) December 22, 2022

Internet detective Stephen Findeisen, more commonly known as Coffeezilla, said that it was “game over” for Bankman-Fried. Additionally, Findeisen pointed out that even though they are apart, Bankman-Fried’s partners found a way to “screw him one last time.”

Related: Alameda's Caroline Ellison and FTX's Gary Wang hit with additional fraud charges

Despite all thi, a community member couldn’t help but be cynical about the new development. According to the Twitter user, “nothing serious will happen.” The user is convinced that this whole issue too will disappear like the ocean pipelines exploding, the Las Vegas shootings and Jeffrey Epstein’s island stories.

Meanwhile, Ellison, who is a key witness in the FTX investigation, avoided a potential 110 years in jail through a plea deal with the Office of the United States Attorney for the Southern District of New York. Through this, the former Alameda Research CEO will only be prosecuted for tax violations and could be immediately released by paying $250,000 in bail.