Coinbase Receives Bermuda License, Outlines Global Expansion Plans
Cryptocurrency exchange Coinbase has secured a licence from the Bermuda Monetary Authority, amid rumours it will open a derivatives exchange there next week. The news came as the exchange’s CEO, Brian Armstrong, met with UK politicians and regulators, including the Economic Secretary and City Minister, Andrew Griffith, as well as the Financial Conduct Authority and the Bank of England. In a Tweet, Armstrong criticised UK banks for blocking fiat payments to cryptocurrency businesses, calling the measure “not ok” and suggesting further “education and collaboration”. Coinbase has been keen to expand globally, having recently been in talks with institutional clients about opening an overseas crypto-trading platform, in response to mixed messages from US regulators. Armstrong has been a vocal critic of regulators, particularly the Securities and Exchange Commission’s regulation-by-enforcement strategy, which is aimed at bringing all cryptocurrencies and crypto businesses under its jurisdiction.
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