Coinbase reportedly plans on stepping out of the U.S. and expanding its base in other countries. The crypto exchange recently received a license from the Bermuda Monetary Authority (BMA).
This could place the exchange as a direct competitor to established crypto exchange Binance
Coinbase – the leading American crypto exchange – has progressed in its plans to expand its international presence. The crypto exchange received a license to operate in Bermuda from the Bermuda Monetary Authority . Additionally, the company reportedly plans to set up an offshore derivatives crypto exchange in this region, according to aSpeaking about its license gain in Bermuda, Coinbase“Bermuda was one of the first financial centers to pass comprehensive digital assets regulation in 2018, and its regulatory environment is long known for a high level of rigor, transparency, compliance, and cooperation.
Notably, a similar report made headlines a month ago. The exchange was reportedly making this move to expand its global customer base. This plan allows the firm to tap into the side of the market that is dominated by Binance, which is currently the biggest exchange in terms of trade volume. The firm also discussed the plan with institutional clients, investment firms, and market makers.
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