Coinbase has announced the launch of its international exchange to serve institutional investors outside the US.

The move comes as the largest US-based cryptocurrency exchange has been in a tussle with the US Securities and Exchange Commission (SEC) over regulatory compliance.

The international exchange will enable institutional investors to trade perpetual bitcoin and Ethereum futures with up to 5x leverage.

Perpetual futures contracts are derivatives contracts without expiration dates, and they are not permitted in the US. The exchange aims to position itself as a leading crypto hub as it anticipates a surge in demand for cryptocurrencies globally.

Coinbase has been fighting a Wells notice served on the exchange by the SEC in March. A Wells notice is a letter from SEC staff indicating that the agency is ready to recommend formal charges to the five-member commission.

Coinbase responded to the notice on April 19, arguing that the SEC has not complied with the law. The exchange has also sued the SEC separately to force a decision on Coinbase’s rulemaking petition.

While Coinbase remains committed to the US, it says that many countries worldwide are moving forward with responsible crypto-forward regulatory frameworks to position themselves as crypto hubs.

The exchange would like to see the US take a similar approach, rather than adopting regulation by enforcement.

Coinbase’s international exchange will help support the updating of the financial system by making its trusted products and services more accessible to users of digital assets who reside outside of the US.