America’s largest crypto exchange, Coinbase, announced that it has received approval to continuously offer its derivative trading services to retail clients outside the US.

According to information received, the exchange has secured regulatory approval from the Bermuda Monetary Authority (BMA) to serve retail customers outside the US.

Furthermore, it has been revealed that Coinbase, through its Global Exchange arm, has generated a futures trading volume of “$5.5 billion since the second quarter of this year”.

Earlier this year, Coinbase launched its international division with BMA’s approval to continuously offer derivative trading to institutional clients outside the US. According to the exchange, approximately 75% of global crypto trading volume comes from derivative market activities.

Along with this, Coinbase stated, “As announced in the second stage of our ‘Go Broad, Go Deep’ strategy, we have dedicated ourselves to partnering with top-tier global regulators to establish a crypto regulatory framework that continuously allows for innovation in crypto technology”.

Coinbase is focusing its international strategy on 25 countries, including Switzerland, Hong Kong, and Singapore, as well as G20 members. The exchange said it is closely watching the upcoming G20 in Brazil next year as a forum to continue efforts for more concrete international rules.

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Problems of Coinbase with the US

Considering its ongoing struggles with the SEC, Coinbase has also discussed the regulatory ambiguity in the US in its statement.

“We chose to establish our business believing that the US must be at the forefront of the efforts to modernize our financial system and we chose to become a public company in the US” it said.

“We are excited to continue our mission of helping update the global financial system and providing more economic freedom and opportunity to users around the world,” they added.

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