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Leading US crypto exchange Coinbase Global Inc said it was granted a license to operate in Bermuda, part of a broader push to expand globally.
Coinbase CEO Brian Armstrong said Tuesday that crypto businesses will thrive in “offshore” havens unless the US and UK create “regulatory clarity” for crypto.
Regulators and law enforcement in the United States have stepped up their actions against crypto firms this year, following a series of industry blowouts in 2022. In March, the Securities and Exchange Commission (SEC) of the United States threatened to sue Coinbase for certain products.
Coinbase has obtained a license from the Bermuda Monetary Authority, which allows it to operate there as a digital asset company, it said in a blog post on Wednesday.
The exchange is also in discussions with financial regulators in Abu Dhabi over a potential license, the blog said.
Coinbase plans to launch a crypto derivatives exchange in Bermuda as early as next week, Fortune reported Wednesday, citing a person familiar with the company. Coinbase did not immediately respond to a request for comment from Reuters.
The Bermuda regulator did not immediately respond to a request for comment sent outside the company
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