https://www.reuters.com/technology/us-crypto-exchange-coinbase-secures-bermuda-licence-2023-04-20/ Skip to main content Exclusive news, data and analytics for financial market professionals Learn more about Reuters home * World * Business * Markets * Legal * Breakingviews * Technology * Investigations * Sports * More My View Register * * * * * * * * * Technology 2 minute readApril 20, 20238:57 PM UTCLast Updated ago U.S. crypto exchange Coinbase secures Bermuda licence By Elizabeth Howcroft Illustration shows a representation of the cryptocurrency and Coinbase logo A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/ Illustration/File Photo * * * * * * * * LONDON, April 20 (Reuters) - Major U.S. crypto exchange Coinbase Global Inc (COIN.O) has said it has secured a licence to operate in Bermuda, as part of a wider push to expand globally. Coinbase CEO Brian Armstrong said on Tuesday that crypto firms will develop in "offshore" havens unless the U.S. and UK create "clarity about regulation" for crypto. Regulators and law enforcement agencies in the U.S. have stepped up actions against crypto firms this year, following a series of industry blowups in 2022. In March the U.S. Securities and Exchange Commission (SEC) threatened to sue Coinbase over certain products. Coinbase has obtained a licence from the Bermuda Monetary Authority, which allows it to operate as a digital asset business there, it said in a blog post on Wednesday. The exchange is also in discussion with financial regulators in Abu Dhabi about a potential licence, the blog said. Coinbase is planning to launch a crypto derivatives exchange in Bermuda as soon as next week, Fortune reported on Wednesday, citing a person close to the company. Asked about the Fortune report, a spokesperson for Coinbase told Reuters on Thursday the company had "nothing to announce today regarding our future plans to offer services through this license." Bermuda's regulator did not immediately respond to a request for comment sent outside business hours. Crypto derivatives trading is big business. In March, derivatives trading volumes on major exchanges hit some $2.8 trillion, according to London researcher CCData, versus spot trading volumes of just over $1 trillion. U.S. SEC Chair Gary Gensler told lawmakers on Tuesday that he had "never seen a field that's so non-complying with laws". Crypto firms say they need clarity about regulations, but Gensler has said that crypto markets "suffer from a lack of regulatory compliance, not a lack of regulatory clarity". Reporting by Elizabeth Howcroft; additional reporting by Tom Wilson * * * * * Our Standards: The Thomson Reuters Trust Principles. Elizabeth Howcroft Thomson Reuters Reports on the intersection of finance and technology, including cryptocurrencies, NFTs, virtual worlds and the money driving "Web3". * * * Read Next * Sundar Pichai, chief executive officer of Alphabet, looks on during a session in Davos TechnologycategoryAlphabet CEO Pichai reaps over $200 million in 2022 amid cost-cutting, article with image12:00 PM UTC * Smart gun operating on facial recognition for sale in U.S. DisruptedcategorySmart gun operating on facial recognition goes on sale in US, article with videoApril 21, 2023 * A 3D-printed Google logo is seen in this illustration DisruptedcategoryGoogle Bard can now help write software code, article with imageApril 21, 2023 * Illustration shows Lyft logo TechnologycategoryLyft to 'significantly' cut jobs in new CEO's first major move, article with imageApril 21, 2023 refinitiv_image_desktop Site Index Browse * World * Business * Legal * Markets * Breakingviews * Technology * Investigations, opens new tab * Lifestyle About Reuters * About Reuters, opens new tab * Careers, opens new tab * Reuters News Agency, opens new tab * Brand Attribution Guidelines, opens new tab * Reuters Leadership, opens new tab * Reuters Fact Check, opens new tab * Reuters Diversity Report, opens new tab Stay Informed * Download the App, opens new tab * Newsletters, opens new tab Information you can trust Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day. 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