The U.S. cryptocurrency exchange Coinbase has received approval to operate from Bermuda’s financial regulator.
1/ More than halfway through our 8–week international expansion drive we wanted to give you an update on how we are doing.
Read more ?https://t.co/zV1cSFuQy4
— Coinbase (@coinbase) April 19, 2023
«Bermuda was one of the first financial centres to adopt a comprehensive regulation of digital assets in 2018, and its regulatory environment has long been known for a high level of strictness, transparency, compliance and cooperation», the company said in a blog post.
According to a source at Fortune, the company plans to launch an offshore platform for trading crypto derivatives in the jurisdiction.
The publication noted that perpetual swaps and other crypto derivatives account for a large portion of trading volumes. With the launch of such products, Coinbase seeks to strengthen its position in competition with Binance.
The news came after founder and CEO Brian Armstrong about his readiness to leave the U.S. market due to “regulatory uncertainty”.
Obtaining the exchange’s license in the island jurisdiction became part of a strategy called Go Broad & Go Deep. Under this framework, the platform has also refreshed its retail service in Singapore, updated its user interface for clients in Brazil, and entered talks with the Financial Services Regulatory Authority of the Abu Dhabi Global Market.
Coinbase is discussing obtaining a license with Canadian regulators.