The Bermuda Monetary Authority has granted Coinbase, the second-largest cryptocurrency exchange in the world, a license to conduct business in digital assets, Bermuda Premier David Burt tweeted on Wednesday night.
According to a source close to the Company, Coinbase will launch an offshore derivatives market there “as soon as next week,” Fortune said.
Coinbase revealed in a series of tweets that this is the massive exchange’s most recent effort to diversify its market and increase its presence.
In addition to the Bahamas, Coinbase has grown in Singapore, Canada, Brazil, Abu Dhabi, and Canada. The Company announced in a blog post that its eight-week worldwide growth push is almost halfway finished.
According to the firm, “as we have previously stated, our approach globally will be consistent with our approach in the United States.”
These growth initiatives reveal the Company’s aim to broaden its clientele abroad as American officials crack down on the cryptocurrency sector.
A Wells Notice was given to Coinbase by the U.S. Securities and Exchange Commission last month. According to a Coinbase SEC filing, the staff of the regulatory body “advised the Company that it made a ‘preliminary determination’ to recommend that the SEC file an enforcement action against the Company alleging violations of the federal securities law.”
Brian Armstrong, the CEO of Coinbase, has been a vocal supporter of developing rules for crypto regulation, although he has attacked American officials for enforcing its regulations.
In a March Twitter Spaces, Armstrong said that “regulators should come up with the rules, tell everyone the rules, and we follow them.” “We would like to get more clarity on the current laws because they are unclear.”