Coinbase Secures Bermuda License, Plans to Open Offshore Exchange

San Francisco-based crypto exchange Coinbase has been granted a license from the Bermuda Monetary Authority, which permits the firm to launch operations in the offshore haven of Bermuda.

The crypto exchange took this move at a time when US have increasingly tightened regulation for the crypto industry. The firm is intended to open an offshore derivatives exchange in Bermuda as soon as next week, according to a source. 

Last month, Fazzaco reported that Coinbase prepared to ramp up its international expansion, having began this journey in Singapore​.

In January, the company was closing the bulk of its operations in Japan as part of a move to adjust international investment amid a slump in the digital-asset sector.

Additionally, Coinbase also unveiled plans to grow its reach in Abu Dhabi in the future.