Coinbase obtains license to operate in Bermuda

According to the company’s blog post, Coinbase has obtained a license to operate in Bermuda. April 19th.

Coinbase Gets Bermuda License

Coinbase said it has obtained a Class F license under the Digital Assets Business Act from the Bermuda Monetary Authority (BMA).

The company said Bermuda was one of the first countries to pass full digital asset regulations in 2018, praising its “level of rigor, transparency, compliance and cooperation.” It said it chose to use the country as an international hub because of its class leadership and commitment to global regulation.

a report luck It has suggested that Coinbase may launch an offshore derivatives exchange in Bermuda by the end of this month.

Coinbase’s latest blog post also details the progress of other expansions in Singapore, Brazil, Canada, the United Arab Emirates (UAE), and Europe.

Exchanges face regulatory challenges in the US

Earlier, Coinbase CEO Brian Amstrong said his company could leave the US to operate in the UK.

The company faces various lawsuits in the US and received a Wells Notice from the US Securities and Exchange Commission (SEC) in March. The company also settled an unrelated matter with the New York Department of Financial Services (NYDFS) in January and with the Commodity Futures Trading Commission (CFTC) in 2021.

Coinbase’s Bermuda license and other enhancements do not constitute a full migration elsewhere, nor do they address the above issues, but Coinbase will be able to reliably serve its users around the world. It says it takes a “broad and detailed approach” to ensure that

Coinbase is not the only crypto company expanding globally. Kraken recently announced it received regulatory approval in Ireland, while Binance expanded to Sweden. JanuaryEach exchange also serves multiple countries.

A post about Coinbase getting a license to operate in Bermuda first appeared on CryptoSlate.

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