Coinbase locking down the AFSL before the 18-month transition window even opens is a first-mover moat most people are sleeping on. Every offshore perps venue serving Aussie retail — Bybit, OKX, the usual suspects — now has a countdown to either get licensed or bleed that flow to a regulated alternative sitting on an A$24B annual opportunity. Kraken dropped xStocks perps the same week, so this is already a land grab for regulated derivatives market share before the compliance window closes and ASIC starts swinging.

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