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In April, U.S. cryptocurrency exchange Coinbase notified
users to receive a Class F license under the digital asset business legislation from the Bermuda Monetary Authority (BMA).
Upon completion of the preparatory phase, the Coinbase administration said it will allow international users to trade bitcoin and ether-linked perpetual futures through the new Bermuda-based platform.
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“Coinbase International Exchange successfully launched. We intend to continue to aggressively pursue market share growth and plan to offer new functionality and additional products to users in the second half of the year,” said Coinbase product manager Emmanuel Goh.
According to analysts at The Block, trading volume on the exchange totaled nearly $900 million between June 21 and June 28.
In addition to the representation in Bermuda, Coinbase remains under the control of the exchange in Ireland. At the end of 2022, the Central Bank of Ireland granted Coinbase a Virtual Asset Service Provider (VASP) license, allowing it to provide services to residents.
On Wednesday, June 28, Coinbase filed a motion in the District Court of New York to dismiss
SEC lawsuit, arguing that the cryptocurrency exchange does not trade in assets that could be considered investment contracts.