Coinbase Secures Bermuda Regulatory Approval for Perpetual Futures Trading

Coinbase Secures Bermuda Regulatory Approval for Perpetual Futures Trading

Coinbase
International Exchange has achieved a notable milestone by obtaining regulatory
approval from Bermuda’s financial regulator. This approval will enable eligible
non-U.S. retail customers to participate in perpetual futures trading.

Coinbase’s Next Offering: Access
to Perpetual Futures Contracts

In
a blog post released today (Thursday), Coinbase acknowledged the pivotal role
played by the Bermuda Monetary Authority in facilitating this regulatory
approval. As a result of this collaboration, Coinbase intends to offer eligible
customers access to perpetual futures contracts on its Coinbase Advanced
platform in the coming weeks.

Perpetual
futures contracts are a type of derivative market known for their unique
characteristic of never expiring. This perpetual nature makes them an
attractive instrument for traders and investors seeking to engage in cryptocurrency
markets without the constraints of fixed maturity dates.

„As
announced in the Phase II of our 'Go Broad, Go Deep’ strategy, we are dedicated
to partnering with high-bar global regulators to build a crypto regulatory
framework that allows crypto technology to continually drive innovation,”
the blog said.

The
Significance of Regulatory Collaboration in Crypto

Coinbase International
Exchange announced its international exchange initiative in May of the current
year. The listing of Bitcoin and Ethereum perpetual futures
contracts followed it.

This
approval underscores the importance of collaboration between crypto firms and
regulators in shaping the future of digital finance. It also reflects the
company’s commitment to providing a safe and regulated environment for
cryptocurrency trading and investment.

Coinbase’s Service Termination in India Targets
Violators

Coinbase is reportedly limiting
its services in India. With a Finance
Magnates report indicating that, the exchange
is partially or fully terminating its offerings in the country. New signups
for Indian users have been suspended. Rather it redirects them to download
Coinbase Wallet, a self-custody crypto wallet.

According to TechCrunch,
Coinbase sent emails to its Indian customers. It notifies them of the service
termination, effective from September 25. It also encourages them to withdraw
their funds. However, a Coinbase spokesperson clarified that this service
termination only applies to Indian customers who have violated the exchange’s
standards. The spokesperson stated that the exchange is discontinuing services
for accounts that no longer meet their updated standards.

This article was written by Tareq Sikder at www.financemagnates.com.

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