Coinbase has obtained a license to operate in Bermuda, according to a company blog post on April 19.
Coinbase Receives Bermuda License
Coinbase said it received a Class F License under the Digital Asset Business Act from the Bermuda Monetary Authority (BMA).
The company noted that Bermuda was one of the first countries to pass full digital asset regulation in 2018, praising its “level of rigor, transparency, compliance and cooperation.” The firm said it chose to use the country as an international hub because of the BMA’s world-class leadership and involvement in global regulation.
Separate reports from Fortune suggest that Coinbase could launch its offshore derivatives exchange in Bermuda later this month.
Coinbase’s latest blog post also detailed the progress of its other expansions in Singapore, Brazil, Canada, the United Arab Emirates (UAE), and Europe.
Exchanges face regulatory challenges in the US
Earlier, Coinbase CEO Brian Armstrong said that his company may leave the US to operate in the UK due to regulatory challenges in the former country.
The company has faced several actions in the US. It received a notice of Wells from the US Securities and Exchange Commission (SEC) in March. The company also settled with the New York Department of Financial Services (NYDFS) on an unrelated matter in January and settled with the Commodity Futures Trading Commission (CFTC) in 2021.
Although Coinbase’s Bermuda license and other expansions do not constitute a complete move elsewhere, nor do they address the issues above, Coinbase said it is taking a “broad and deep approach” to ensure it can serve users around the world.
Coinbase is not the only crypto company expanding globally. Kraken recently announced that it had obtained regulatory approval in Ireland, while Binance expanded to Sweden in January. Each exchange also serves several countries.
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