Crypto Exchange Coinbase Receives License to Operate in Bermuda

In March, the company was reported to be exploring options to launch an offshore platform.

AccessTimeIconApr 20, 2023 at 4:27 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC

Coinbase (COIN) has obtained a license to offer its services in Bermuda as part of its international expansion efforts, the firm announced in a blog post on Wednesday.

The U.S. crypto exchange received a Class F license from the Bermuda Monetary Authority (BMA), which allows the company to operate as a digital asset exchange in that territory.

The news comes two days after Coinbase CEO Brian Armstrong indicated the U.S.-based exchange would consider out of the U.S. if clear crypto regulation isn't enacted. In March the exchange was reported to have been in discussions with institutional clients about setting up a crypto-trading platform overseas.

For now, it is not clear what services Coinbase will offer in Bermuda.

“While we are excited to partner with the BMA, and to have successfully attained the Class F License in this high-bar regulatory jurisdiction, nothing to announce today regarding our future plans to offer services through this license,” a spokesperson told CoinDesk.

As part of what the exchange calls its “8-week international expansion drive,” Coinbase in its blog post took note of, among other items, doubling down on its investments in the Canadian market. The company recently hired Lucas Matheson as country director and signed a Pre-Registration Undertaking (PRU), which is considered a stepping stone on the way to becoming a registered exchange in Canada.

Edited by Stephen Alpher.


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Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University's business and economic reporting program.

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