Coinbase Receives License in Bermuda, Plans to Launch Offshore Derivatives Exchange Next Week

Coinbase Receives License in Bermuda, Plans to Launch Offshore Derivatives Exchange Next Week

Coinbase recently announced it has obtained a Class F License under the Digital Asset Business Act from the Bermuda Monetary Authority (BMA). According to Fortune, a person close to the company said that Coinbase plans to launch an offshore derivatives exchange in Bermuda as soon as next week.

Bloomberg reported last month that Coinbase Global has been contacting institutional customers about a new offshore trading platform, and working with market makers and investment firms to launch derivative services.

This week, before the Bermuda license was announced, Coinbase CEO Brian Armstrong said during UK Finteck Week that his exchange could move away from the U.S. should no regulatory clarity emerge in the states.

On receiving the Bermuda regulatory license, Coinbase said, "Bermuda was one of the first financial centers to pass comprehensive digital assets regulation in 2018, and its regulatory environment is long known for a high level of rigor, transparency, compliance, and cooperation. Bermuda was chosen as one of our international hubs as the BMA is a highly respected and experienced financial regulator that is led by a world-class executive team and board of directors. The BMA is also a member of several international organizations and maintains close relationships with other regulatory agencies around the world."

 

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Source

Coinbase

Policy and Regulation

Derivatives

In This Article

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