Coinbase Launches Offshore Derivatives Exchange
Coinbase launched its international exchange in the Caribbean nation of Bermuda on Tuesday, two weeks after receiving regulatory approval from the Bermuda Monetary Authority.
- "Coinbase International Exchange will allow non-U.S. customers to trade in perpetual futures, or financial assets pegged to predicted future prices of commodities. For now, it will only focus on Bitcoin and Ethereum products."
- "Rest assured that Coinbase is committed to the US, but countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks to strategically position themselves as crypto hubs."
- "We would like to see the US take a similar approach instead of regulation by enforcement which has led to a disappointing trend for crypto development in the US."
- "Coinbase International Exchange listed BTC and ETH perpetual futures contracts earlier today. All trading is settled in USDC; no fiat on-ramps required. The contracts initially offer up to 5x leverage."
- "Direct access trading via API is available to institutional clients in eligible, non-US jurisdictions. These products are not available to retail customers at this time."
- "The opening of Coinbase’s Bermuda offshoot comes amid a regulatory onslaught from the U.S. government against crypto mainstays like Kraken, Binance, Genesis, and Gemini."
- Gemini already launched its own offshore derivatives exchange last week.