U.S. crypto exchange Coinbase GloU.S.Inc. (COIN.O) has secured a Bermuda license to expand globally.
Without “clarity about regulation” from the U.S. and U.KK, Coinbase CEO Brian Armstrong warned crypto startups would thrive in “offshore” havens on Tuesday.
After several business scandals in 2022, U.S. regulators and law enforcement are targeting crypto companies. For example, in March, the SEC threatened to sue Coinbase on certain items.
Coinbase revealed its Bermuda Monetary Authority digital asset company license in a Wednesday blog post.
The blog said that Abu Dhabi bankers are negotiating a license with the exchange.
On Wednesday WednesdayCoinbase will launch a crypto derivatives market in Bermuda next week, a Coinbase insider told Fortune. Coinbase ignored Reuters.
Bermuda’s regulator declined an after-hours remark.
Crypto derivatives profit. In March, London researcher CCData reported $2.8 trillion in derivatives trading on major exchanges, compared to $1 trillion in spot trading.
On Tuesday, SEC Chair Gary Gensler told lawmakers, “never seen a field that’s so non-complying with laws.”
Crypto firms desire regulatory certainty, but Gensler believes crypto markets “suffer from a lack of regulatory compliance, not regulatory clarity.”
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