According to the article, Coinbase was looking to expand its derivatives trading business. The firm was eyeing FTX Europe, which was put up for sale after its parent filed for bankruptcy last fall, due to its “highly profitable” derivatives business and growing customer base. However, negotiations to acquire FTX never reached a “late stage,” the publication’s sources added.
FTX Europe, like other European exchanges, offered a wide range of derivatives. It was also the only firm licensed to offer perpetual futures, a very popular derivatives offering, in the region. According to Fortune, these licenses have attracted the attention of several potential buyers. Crypto.com and Trek Labs have also expressed interest in FTX Europe, the publication reports.
Meanwhile, the investigation into the failing FTX exchange continues. Recently, the US Department of Justice proposed that the court disqualify seven witnesses proposed by the founder of FTX. The department doubted the competence of these individuals.
Sam Bankman-Fried’s trial is scheduled for October 3. If convicted, the FTX founder faces more than 100 years in prison on several charges, including fraud and using client assets for his own use.
Source: Bits
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