The renowned US-based crypto exchange Coinbase has made a significant stride regarding its expansion efforts to non-US jurisdictions.
In particular, Coinbase announced that its overseas arm, Coinbase International Exchange (CIE), has secured additional regulatory clearance from the Bermuda Monetary Authority (BMA).
The exchange proclaimed the development in a recent post on the X platform. It noted that the approval gives it the green light to offer crypto-based derivative contracts to retail.
The expansion continues…
Thrilled to announce that Coinbase International Exchange has secured regulatory approval from the Bermuda Monetary Authority (BMA) to enable perpetual futures for non-US retail customers.
— Coinbase 🛡️📞 (@coinbase) September 28, 2023
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Clearance to Offer Retail Crypto Derivative Contracts
According to the official statement, this clearance comes hot on the heels of Coinbase’s launching of CIE five months ago. The initiative was accompanied by Coinbase’s acquisition of a class F authorization from the BMA.
At the time, the approval allowed non-US institutional investors to trade crypto perpetual futures. However, CIE can now extend the scope of its perpetual futures trading to crypto retail clients outside of the United States under the recent approval.
The expanded offering is set to roll out in the coming weeks. Coinbase stated eligible retail clients will access the regulated derivative contracts via Coinbase Advanced.
Furthermore, Coinbase highlighted that the move aligns with its Phase Two strategy, dubbed Go Broad, Go Deep. The strategy seeks to collaborate with globally recognized regulators to establish a robust crypto regulatory framework.
Additionally, the exchange noted that it initially chose to establish itself as a public firm on US soil, hoping the United States would lead the fore in the financial revolution. Nonetheless, Coinbase remains focused on transcending geographical boundaries to revamp the global financial ecosystem.
Besides, Coinbase spotlighted that the crypto derivatives market presently commands the lion’s share of crypto trading volume globally. Specifically, it mentioned crypto derivatives are approximately 75% of global volumes.
Coinbase believes the figure bears testament to the insatiable appetite among traders for derivative instruments, making the establishment of Coinbase International Exchange a strategic move.
As of the second quarter of 2023, CIE reportedly facilitated over $5.5 billion in trading volume from institutional participation.
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