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Thursday, June 1, 2023

Crypto Exchange Coinbase Receives License to Operate in Bermuda

Crypto Exchange Coinbase Receives License to Operate in Bermuda – As a part of its global expansion strategy, Coinbase (COIN) has announced in a blog post on Wednesday that it has secured a license from the Bermuda Monetary Authority (BMA) to extend its services in Bermuda. With the Class F license, the US-based cryptocurrency exchange can now function as a digital asset exchange in Bermuda.

Coinbase CEO Brian Armstrong had hinted two days earlier that the U.S.-based exchange might have to consider moving out of the country if there is no clear cryptocurrency regulation in place. This announcement comes after reports in March suggested that the exchange was in talks with institutional clients about establishing a cryptocurrency trading platform in a foreign country. For now, it is not clear what services Coinbase will offer in Bermuda.

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“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,” a spokesperson told news outlet. Coinbase has recently revealed its intention to increase its investments in the Canadian market by two-fold during its “8-week international expansion drive.” 

The company aims to strengthen its presence in Canada by taking strategic steps such as hiring a country director, Lucas Matheson, who possesses extensive knowledge and experience in the Canadian financial industry. In addition, Coinbase has signed a Pre-Registration Undertaking (PRU), a crucial step towards becoming a registered exchange in Canada, indicating the company’s commitment to complying with the country’s regulatory requirements. 

These significant measures demonstrate Coinbase’s determination to expand its reach and offer its services to a wider audience in Canada. By investing in the Canadian market and increasing its presence in the country, Coinbase is well-positioned to tap into the country’s potential growth opportunities and provide its customers with a seamless trading experience.

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