- Coinbase receives regulatory approval from Bermuda Monetary Authority for futures trading to non-US retail users.
- Derivatives market activity makes up about 75% of global crypto trading volume, as stated by the exchange.
- The move comes amid the company’s ongoing struggles with the U.S. Securities and Exchange Commission.
Meta Description: Coinbase expands its trading services by offering perpetual futures trading to retail customers outside the US, after securing regulatory approval from the Bermuda Monetary Authority.
Coinbase Dives Deeper into Futures Trading
Expanding its realm in the cryptocurrency trading world, Coinbase has secured the green light to provide perpetual futures trading services to retail clients outside the United States. This landmark decision followed a statement from the exchange, highlighting its significant achievements in the institutional futures trading sector.
Key Regulatory Approval from Bermuda
Having garnered regulatory assent from the Bermuda Monetary Authority (BMA), the renowned exchange is all set to roll out the services for non-U.S. retail clientele. It’s worth noting that through its subsidiary, the Coinbase International Exchange, the platform has already witnessed an astounding “$5.5 billion in notional [futures] trading volume from institutions as of the second quarter of this year.”
Commitment to Global Crypto Regulatory Framework
The momentum doesn’t stop here. Earlier this year, Coinbase introduced its international branch with a nod from the BMA, targeting non-U.S. institutional clients with perpetual futures trading offerings. It’s evident from the numbers – nearly 75% of the worldwide crypto trading volume stems from derivatives market operations. Emphasizing their commitment, Coinbase shared, “As unveiled in Phase II of our ‘Go Broad, Go Deep’ strategy, our focus remains on collaborating with esteemed global regulatory bodies to curate a crypto-centric framework. The vision is to fuel relentless innovation in the crypto domain.”
Global Strategic Moves and Ambitions
Coinbase’s gaze extends far beyond the U.S. borders. Its international strategy encompasses a whopping 24 nations, inclusive of the prominent G20 members and financial hubs like Hong Kong, Switzerland, the UAE, and Singapore. With a bird’s eye view on the approaching G20 summit in Brazil next year, the company is keen on advancing its crusade for a robust set of global regulations.
The U.S. Regulatory Landscape and Coinbase
However, the journey isn’t all rosy for Coinbase, especially on its home turf. The platform’s tumultuous relationship with the U.S. Securities and Exchange Commission has been a talk of the town. Reflecting on this, the company expressed, “Our foundational choice was to establish and go public in the U.S., banking on its lead in revamping the financial framework. While our mission to rejuvenate the global financial system remains unwavering, our ambition soars to offer enhanced economic liberty and prospects to global users.”
Recent Achievements in the Futures Market
Despite the regulatory hiccups, Coinbase’s relentless spirit shines through. Just a month ago, the platform clinched another regulatory thumbs-up from the National Futures Association. This enabled it to function as a futures commission merchant, broadening its offerings for eligible U.S. clients with crypto futures on its platforms.
Conclusion
In the ever-evolving landscape of cryptocurrency trading, Coinbase’s move to offer perpetual futures trading to a broader audience underscores its commitment to innovation and global expansion. While challenges persist, especially in its relationship with U.S. regulatory bodies, the company’s ambition and vision remain clear: to reshape the global financial system and foster economic freedom.
