Tuesday saw the debut of an international exchange for bitcoin derivatives by Coinbase Global as the company seeks to broaden its reach internationally in the face of rising tensions between the cryptocurrency industry and American regulators.

According to Coinbase, the exchange will permit institutional users in qualifying non-US jurisdictions to trade perpetual futures.

The collapse of Sam Bankman-Fried’s cryptocurrency exchange FTX and other blow-ups last year have left the digital assets market in recovery mode.

Brian Armstrong, the CEO of Coinbase, issued a warning last month, stating that until the United States and the United Kingdom make their regulations for the business considerably clearer, cryptocurrency companies will grow in “offshore havens.”

In the midst of a legal dispute with the U.S. Securities and Exchange Commission, Coinbase claimed on Tuesday that countries all over the world were becoming crypto centres as a result of sound regulatory practices.

“We would like to see the U.S. take a similar approach instead of regulation by enforcement, which has led to a disappointing trend for crypto development in the U.S.,” the cryptocurrency exchange added.

Separately, another cryptocurrency exchange, Gemini, debuted a derivatives platform for trading perpetual futures on Tuesday outside the legal system of the United States.