Coinbase gets Bermuda license, plans to launch offshore exchan | Crypto Trading Signals✅

Coinbase gets Bermuda license, plans to launch offshore exchange in coming weeks

Coinbase has received a license to operate in the offshore haven of Bermuda, signaling that the company is doubling down on plans to increase its international business at a time when U.S. regulators have become hostile to the crypto industry.

By launching an offshore exchange in Bermuda, San Francisco-based Coinbase would be better poised to challenge Binance, which dominates the global crypto trade, and to diversify its revenue base.
In response to a request for comment, a Coinbase spokesperson referred Fortune to Wednesday’s blog post, which also disclosed plans to expand operations in Abu Dhabi as part of a strategy it’s calling “Go Broad & Go Deep.”
The news of the Bermuda license comes a day after Coinbase CEO Brian Armstrong warned that crypto firms may in the absence of a clear regulatory framework in the U.S.
It’s unlikely that Coinbase has immediate plans to leave the U.S. given that it has for years touted its record of compliance in its home country, and is broadly regarded as a law-abiding by politicians and regulators. Another big U.S. company, Ripple, issued similar warnings that it could pull up stakes in 2021 but has yet to follow through.
But even if an immediate exodus of big U.S. crypto companies is unlikely in the near future, Coinbase’s move to set up shop in Bermuda suggest that the industry is increasingly viewing locations like Hong Kong, Dubai, and Singapore—all of which have touted themselves as crypto hubs—as the industry’s primary place of business.
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