Coinbase gets Bermuda license, could launch offshore derivatives exchange next week

Quick Take

  • Coinbase is one step closer to launching an offshore derivatives exchange, after the company obtained a license from the Bermuda Monetary Authority.
  • The expansion could come as soon as next week, according to news reports. 

Coinbase could launch an offshore derivatives exchange as soon as next week, after the crypto exchange received a license to operate in Bermuda. 

The company obtained a license from the Bermuda Monetary Authority, according to a company blog post published on Wednesday. Coinbase lauded Bermuda as “a highly respected and experienced financial regulator” in its announcement.

Coinbase had been exploring launching an offshore platform to trade perpetual swaps tied to cryptocurrencies, The Block reported last month. That expansion could come as soon as next week, a source familiar told The Block. Fortune first reported the news.

“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,” Coinbase said in its blog post. The company did not immediately respond to a request for comment. 


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Perpetual swaps — a type of future and a popular product in the crypto space – are expected be among the offerings. They provide a more capital-efficient way for traders to make bets on the underlying crypto market.

Update: This story has been updated with information about the start timing.

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Stephanie is a senior reporter covering policy and regulation. She is focused on legislation, regulatory agencies, lobbying and money in politics. Stephanie is based in Washington, D.C.
Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].


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