Legal permission to operate in Bermuda gives Coinbase a chance to start its offshore activities as soon as next week
US-based crypto exchange Coinbase is looking for ways to expand to new markets amidst the legal uncertainties plaguing the US crypto sector. Having received a license in Bermuda, the firm is reportedly preparing for opening an offshore exchange in the nearest future.
Upon receiving the Wells Notice from the US Securities and Exchange Commission (SEC), the crypto firm started considering relocation while preparing for the lengthy legal battle. Although immediate relocation is unlikely, Coinbase enhanced its efforts to fulfil an international expansion plan called “Go Broad & Go Deep.”
In an update of the company’s plans, Coinbase revealed that Coinbase Bermuda Ltd. has obtained a Class F License under the Digital Asset Business Act from the Bermuda Monetary Authority (BMA).
The given license allows the firm to conduct a range of activities such as token sales and issuance. It also gives it the right to operate as both a digital asset exchange and a digital asset derivatives exchange provider.
Fortune’s report from April 19 says “a person close to the company” claims Coinbase is planning to launch a derivatives exchange in Bermuda as soon as next week.
Besides handling the regulatory compliance in Bermuda, the crypto exchange also shared its progress with expansion plans in Brazil, Canada, Singapore, Europe and the United Arab Emirates.