Coinbase Gets Bermuda License, Plans To Launch Offshore Derivatives Exchange
"Coinbase has received a license to operate in the off-shore haven of Bermuda, signaling that the company is doubling-down on plans to increase its international business at a time when U.S. regulators have become hostile to the crypto industry."
"The company disclosed in a blog post on Wednesday that it had received the license from the Bermuda Monetary Authority, the island nation’s integrated financial regulator, which was one of the first in the world to roll out a comprehensive legal framework for digital assets in 2018."
"According to a person close to the company, Coinbase plans to launch an offshore derivatives exchange in Bermuda as soon as next week."
"Perpetual swaps and other exotic crypto-related derivatives make up a large part of daily trading activity, but are for the most part unavailable in the U.S. due to regulatory strictures."
"In response to a request for comment, a Coinbase spokesperson referred Fortune to Wednesday’s blog post, which also disclosed plans to expand operations in Abu Dhabi as part of a strategy it is calling “Go Broad & Go Deep.”"