Coinbase says it has gained approval from the Bermuda Monetary Authority to offer non-US retail users perpetual futures trading
- Coinbase has gained approval to offer non-U.S. retail users perpetual futures trading from the Bermuda Monetary Authority. — About 75% of global crypto …
Context & Ripple Effects
Coinbase’s Bermuda route progressed from an initial Bermuda operating license to the launch of its International Exchange for overseas perpetual-futures trading. The new approval turns that offshore derivatives infrastructure toward retail participation rather than only its initial international market plan.
The move matters because Coinbase is building derivatives access through separate regulatory tracks: it had also obtained approval to offer futures services to eligible U.S. users, while this authorization addresses users outside the U.S.
First-order effects
- Non-U.S. retail users gain an approved Coinbase venue for perpetual-futures trading, subject to the platform’s applicable eligibility and rollout terms.
- Coinbase can use its Bermuda-based derivatives operation for a broader customer segment, extending the commercial scope of its International Exchange.
Second-order effects
- Other crypto venues serving international retail derivatives users face pressure to differentiate on product range, liquidity, pricing, or their own regulatory standing.
- Coinbase’s overseas and U.S. approvals create separate product-access paths, making regulatory jurisdiction a more explicit factor in where customers can trade derivatives.
Third-order effects
- If major exchanges continue to secure market-specific permissions, crypto derivatives may become more geographically segmented rather than being offered through a single global product footprint.
- The development fits a broader shift from obtaining licenses to converting them into usable customer access—a test of whether regulated capacity can translate into active trading markets.
The trend: Crypto exchanges are increasingly assembling jurisdiction-by-jurisdiction derivatives businesses, with regulatory approvals determining which customers can access which products.