Coinbase International Exchange, the holder of a Class F license from the Bermuda Monetary Authority (BMA), has announced that it has received additional regulatory approval, allowing the platform to offer perpetual futures trading to retail customers outside the United States.
Launched in May 2023, Coinbase International has been providing cryptocurrency derivatives services to institutional customers. With the latest regulatory approval, the cryptocurrency platform will offer eligible customers access to perpetual futures contracts on the Coinbase Advanced platform in the coming weeks.
The exchange noted that the perpetual futures accounts will be maintained by Coinbase Bermuda and supervised by the BMA. Notably, Coinbase clarified that it does not engage in market-making activities. Liquidity on the exchange will be provided by independent, reputable liquidity providers that have undergone rigorous compliance assessments.
Commenting on this development, Coinbase stated that its subsidiary is a suitable choice for retail traders to safely and easily access the derivatives market. Only non-U.S. consumers in select countries will be able to use the Coinbase International Exchange, and customers are subject to eligibility checks for the product before they can open a Coinbase Advanced trading account.
This recent approval for Coinbase International to provide perpetual futures contracts to retail customers comes just one month after the platform received approval from the National Futures Association (NFA) to offer cryptocurrency futures contracts for eligible institutional customers in the United States.
Coinbase continues to make strides outside the United States despite facing legal battles with regulatory authorities over its services. The regulatory agency filed a lawsuit against Coinbase in early June 2023, alleging that the exchange violated local securities laws by selling unregistered securities.