Coinbase Global Inc. (COIN) a major crypto based exchange in the U.S. has announced that it has secured a license that would allow it to operate in Bermuda. The crypto exchange has been expanding its base globally, more so after U.S. regulators and law enforcement agencies have increased scrutiny of these largely unregulated companies, following the collapse of FTX and other crypto companies.
In March, the Securities and Exchange Commission (SEC) had told Coinbase that it could file a lawsuit against the crypto exchange on some of its crypto products.
On Tuesday, Brian Armstrong had said that crypto companies would develop havens offshore unless there is “clarity about regulation” on crypto from the U.S. and U.K.
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On Tuesday, Gary Gensler, Chair of the U.S. Securities and Exchange Commission told U.S. lawmakers that he had “never seen a field that’s so non-complying with laws.”
While crypto companies say that they need clarity in regulation, Gensler says that crypto markets “suffer from a lack of regulatory compliance, not a lack of regulatory clarity.”
On Wednesday, Coinbase said that the Bermuda Monetary Authority (BMA) had given Coinbase a license. The blog post also said that the Class F license would permit the crypto exchange to operate as a digital asset in Bermuda. The post further mentioned that Coinbase was in talks with financial regulators in Abu Dabi. The talks were based on obtaining a potential license in Abu Dabi.
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On April 20, a spokesperson for Coinbase released the following statement to several outlets including Reuters and CoinDesk: “While we are excited to partner with the BMA, and to have successfully attained the Class F License in this high-bar regulatory jurisdiction, nothing to announce today regarding our future plans to offer services through this license.”
Bermuda’s regulator did not respond to a request for comment, when asked by Reuters, to date.
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