Crypto Exchange Coinbase Receives License to Operate in Bermuda

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Coinbase (COIN) has been granted a license to offer its services in Bermuda as part of its international expansion efforts, the company announced in a blog post on Wednesday.

The US crypto exchange has received a Class F license from the Bermuda Monetary Authority (BMA), which allows the company to operate as a digital asset exchange in this territory.

The news comes two days after Coinbase CEO Brian Armstrong indicated that the US-based exchange would consider exiting the US if clear crypto regulations are not enacted. In March, the exchange reportedly held discussions with institutional clients about setting up an offshore crypto-trading platform.

At this time, it is unclear what services Coinbase will offer in Bermuda.

While we are delighted to partner with the BMA and to have successfully obtained the Class F license in this high level regulatory jurisdiction, nothing to announce today regarding our future plans to offer services through this license, a spokesperson told CoinDesk.

As part of what the exchange calls its 8-week international expansion campaign, Coinbase in its blog post noted, among other things, the doubling of its investment in the Canadian market. The company recently hired Lucas Matheson as Country Manager and signed a Pre-Registration Undertaking (PRU), which is seen as a stepping stone to becoming a registered stock exchange in Canada.

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