Coinbase International Exchange has obtained regulatory approval to offer perpetual futures trading services to eligible customers outside the United States.

Coinbase Obtains Bermuda License

According to a statement released today, the exchange gained additional regulatory approval to offer this service to non-US retail customers from the Bermuda Monetary Authority (BMA).

Established under the Bermuda Monetary Authority Act 1969, the body supervises, inspects and regulates financial institutions operating from within the country. It is not a central bank, and does not provide lender of last resort facilities.

Coinbase has been aiming for global expansion as it launched its international division in May with the goal of offering non-U.S. institutional clients perpetual futures trading. According to the exchange, about 75% of global crypto trading volume comes from derivatives market activity indicating its strong demand.

Coinbase added that the perpetual futures contracts have been built within diligent compliance standards on Coinbase International Exchange and have seen more than $5.5 billion in notional trading volume from institutions as of the second quarter of this year.

“As announced in the Phase II of our “Go Broad, Go Deep” strategy, we are dedicated to partnering with high-bar global regulators to build a crypto regulatory framework that allows crypto technology to continually drive innovation”, Coinbase stated.

The exchange plans to offer the trading services on Coinbase Advanced in the coming weeks.

Regulatory Woes in the US

Coinbase has been in a legal struggle in the United States for some months. In June, the Securities and Exchange Commission (SEC) sued the firm over alleged violations of securities laws. The exchange was also forced to discontinue its staking operations in four cities in the country.

Despite all this, Coinbase has reaffirmed its decision to remain in the country. The firm said it chose to build its business and become a public company in the United States while expanding globally.

Last month, Coinbase obtained regulatory approval from the National Futures Association, a self-regulatory organization designated by the Commodity Futures Trading Commission, to operate as a futures commission merchant and offer eligible U.S. customers access to crypto futures from its platforms.

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