Crypto exchange Coinbase recently announced that its international exchange has received regulatory approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures to non-U.S. retail customers. This development allows Coinbase to expand its services to a larger customer base outside the United States. Users can verify their eligibility for this offering on the platform, and those who meet the criteria will gain access to the product in the coming weeks.
Earlier in the year, Coinbase launched an international exchange that enabled institutional traders outside the United States to trade Bitcoin (BTC) and Ethereum (ETH) perpetual futures. The platform had previously obtained regulatory approval from the Bermudian financial authority for this endeavor. Despite being relatively new, the exchange has already witnessed over $5.5 billion in notional trading volume from institutions during the second quarter.
Coinbase’s decision to establish its presence outside the United States aligns with its vision of playing a pivotal role in modernizing the global financial system. The platform aims to provide greater access to perpetual futures to eligible non-U.S. customers, ultimately offering more economic freedom and opportunity for users worldwide. This commitment reflects Coinbase’s dedication to revolutionizing the financial industry.
The approval to offer perpetual futures holds strategic significance for Coinbase as it allows the exchange to tap into the largest sector of the cryptocurrency trading market. Derivatives trading accounts for approximately 75% of the total crypto trading volume, offering immense potential for growth and revenue. Coinbase recognizes the limited number of reputable players in the derivatives market, positioning itself as a key contender in this domain.
This recent regulatory approval is another milestone in Coinbase’s international expansion journey. The exchange has already obtained licenses in several European countries, including the Netherlands, Spain, Ireland, and Italy. By diversifying its presence and adhering to regulatory compliance in various regions, Coinbase strengthens its reputation as a reliable and trustworthy cryptocurrency exchange.
Coinbase’s international exchange obtaining regulatory approval to offer perpetual futures to non-U.S. retail customers is a significant achievement. This initiative expands Coinbase’s services to a wider customer base and allows the exchange to tap into the lucrative derivatives market. With its commitment to modernizing the financial system and its ongoing international expansion journey, Coinbase continues to cement its position as a leading cryptocurrency exchange in the global market.
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