Coinbase will launch a derivatives exchange in Bermuda as soon as next week. The company made the announcement on its blog after receiving a license from the Bermuda Monetary Authority (BMA).
The Bermuda Monetary Authority (BMA) issued a Class F license to the American cryptocurrency exchange. With this license, the firm is now authorized to function as an exchange for digital assets inside the boundaries of Bermuda.
The announcement comes only two days after Coinbase CEO Brian Armstrong said that the cryptocurrency exchange located in the United States would consider leaving the country if clear crypto legislation is not adopted. In March, it was revealed that the exchange was having negotiations with institutional customers regarding the possibility of establishing up a cryptocurrency trading platform in a foreign country.
While we are excited to partner with the BMA, and to have successfully attained the Class F License in this high-bar regulatory jurisdiction, nothing to announce today regarding our future plans to offer services through this license.
Coinbase spokesperson told CoinDesk
Following a slew of catastrophic events that befell the cryptocurrency business in 2022, government regulators and law enforcement agencies in the United States have ramped up their measures against crypto companies in this year. Coinbase was threatened with legal action by the United States Securities and Exchange Commission (SEC) in March about certain goods. According to the site, the exchange is also having discussions with financial officials in Abu Dhabi regarding the possibility of obtaining a license.
