Coinbase says the crypto exchange has gained approval from the Bermuda Monetary Authority to offer non-US retail users perpetual futures trading
RT Watson / The Block :
Context & Ripple Effects
Coinbase’s Bermuda derivatives effort progressed from a Bermuda operating license to the May launch of its International Exchange for perpetual futures. The new approval converts that offshore setup into a retail-facing offering for customers outside the US.
The move matters because it separates Coinbase’s international derivatives expansion from its US-facing product path, where access depends on different regulatory permissions.
First-order effects
- Eligible non-US retail users can be offered perpetual futures through Coinbase’s Bermuda-regulated operation, expanding the exchange’s addressable derivatives customer base.
- Coinbase can move from an institutional-oriented international derivatives launch to retail distribution under the Bermuda Monetary Authority’s approval.
Second-order effects
- Other crypto exchanges serving international retail derivatives traders face added pressure to compete on regulated access, product breadth, and jurisdictional credibility.
- The approval makes Bermuda’s license more commercially useful for Coinbase: regulatory authorization is being converted into a customer-facing product rather than remaining dormant capacity.
Third-order effects
- If exchanges continue to secure market-specific permissions, crypto derivatives are likely to be organized around jurisdictionally segmented product lines rather than one globally uniform platform.
- That model can raise the strategic value of regulators and offshore hubs that provide clear routes from licensing to retail distribution, while leaving US access on a separate track.
The trend: Crypto exchanges are turning local regulatory approvals into segmented global derivatives networks, with retail access determined market by market.