Coinbase Receives Bermuda License and Plans to Establish Offshore Exchange

The San Francisco-based cryptocurrency exchange has been granted a license by the Bermuda Monetary Authority to operate its business in the offshore haven of Bermuda.

The exchange has taken the step at a time when the U.S. is increasingly tightening regulations on the crypto industry. Sources say Coinbase will establish an offshore derivatives exchange in Bermuda as soon as next week.

Last month, Coinbase ramped up its global expansion efforts starting in Singapore. In addition, the exchange is interested in launching operations in Abu Dhabi in the future.

In January, Coinbase shut down most of its operations in Japan in order to adjust its international investment strategy due to the downturn in the exchange's digital asset space.