{"id":17476,"date":"2023-04-20T20:57:30","date_gmt":"2023-04-20T20:57:30","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/u-s-crypto-exchange-coinbase\/"},"modified":"2023-04-20T20:58:09","modified_gmt":"2023-04-20T20:58:09","slug":"u-s-crypto-exchange-coinbase","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/u-s-crypto-exchange-coinbase\/","title":{"rendered":"U.S. crypto exchange Coinbase secures Bermuda licence"},"content":{"rendered":"

By Elizabeth Howcroft<\/p>\n

LONDON (Reuters) -Major U.S. crypto exchange Coinbase Global Inc has said it has secured a licence to operate in Bermuda, as part of a wider push to expand globally.<\/p>\n

Coinbase CEO Brian Armstrong said on Tuesday that crypto firms will develop in “offshore” havens unless the U.S. and UK create “clarity about regulation” for crypto. <\/p>\n

Regulators and law enforcement agencies in the U.S. have stepped up actions against crypto firms this year, following a series of industry blowups in 2022. In March the U.S. Securities and Exchange Commission (SEC) threatened to sue Coinbase over certain products.<\/p>\n

Coinbase has obtained a licence from the Bermuda Monetary Authority, which allows it to operate as a digital asset business there, it said in a blog post on Wednesday. <\/p>\n

The exchange is also in discussion with financial regulators in Abu Dhabi about a potential licence, the blog said. <\/p>\n

Coinbase is planning to launch a crypto derivatives exchange in Bermuda as soon as next week, Fortune reported on Wednesday, citing a person close to the company.<\/p>\n

Asked about the Fortune report, a spokesperson for Coinbase told Reuters on Thursday the company had “nothing to announce today regarding our future plans to offer services through this license.”<\/p>\n

Bermuda’s regulator did not immediately respond to a request for comment sent outside business hours. <\/p>\n

Crypto derivatives trading is big business. In March, derivatives trading volumes on major exchanges hit some $2.8 trillion, according to London researcher CCData, versus spot trading volumes of just over $1 trillion. <\/p>\n

U.S. SEC Chair Gary Gensler told lawmakers on Tuesday that he had “never seen a field that’s so non-complying with laws”.<\/p>\n

Crypto firms say they need clarity about regulations, but Gensler has said that crypto markets “suffer from a lack of regulatory compliance, not a lack of regulatory clarity”.<\/p>\n

(Reporting by Elizabeth Howcroft; additional reporting by Tom Wilson; editing by Jason Neely)<\/p>\n

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By Elizabeth Howcroft LONDON (Reuters) -Major U.S. crypto exchange Coinbase Global Inc has said it has secured a licence to operate in Bermuda, as part of a wider push to expand globally. Coinbase CEO Brian Armstrong said on Tuesday that crypto firms will develop in “offshore” havens unless the U.S. and UK create “clarity about […]<\/p>\n","protected":false},"author":8,"featured_media":17477,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-17476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3J0DM-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/17476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=17476"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/17476\/revisions"}],"predecessor-version":[{"id":17541,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/17476\/revisions\/17541"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/17477"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=17476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=17476"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=17476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}