Coinbase Receives a License in Bermuda
Coinbase has announced that they have been approved by the financial regulator of Bermuda. The company has noted that the regulatory environment of Bermuda is known for its high levels of rigor, transparency, compliance and collaboration.
According to a source from Fortune, Coinbase plans to launch an offshore platform for trading crypto derivatives in the jurisdiction.
This follows the majority of trading volumes being perpetual swaps and other derivative instruments for cryptocurrencies.
With the launch of such products, Coinbase is looking to strengthen its position against rival Binance.
The news of the license follows the statement from Coinbase’s founder and CEO, Brian Armstrong, about his readiness to leave the US market due to “regulatory uncertainty.”
As part of their “Go Broad & Go Deep” strategy, Coinbase have also upgraded the retail service in Singapore, updated the user interface for customers from Brazil, and entered into negotiations with the Abu Dhabi Global Markets Authority.
