Crypto exchange Coinbase has announced its international exchange has received regulatory approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures to non-U.S. retail customers.

As per Coinbase, users can verify their eligibility for this offering on the platform, with those meeting the criteria gaining access to the product in the following weeks.

Earlier in the year, Coinbase had launched an international exchange that allowed institutional traders outside the United States to trade Bitcoin (BTC) and Ethereum (ETH) perpetual futures. At the time, the exchange had secured regulatory approval from the Bermudian financial authority. Despite its relatively new launch, the platform has already seen over $5.5 billion in notional trading volume from institutions as of the second quarter.

Coinbase explained that its decision to establish a presence outside the United States aligns with its vision of playing a pivotal role in modernizing the global financial system. The platform underlined this commitment by saying:

“In expanding greater access to perpetual futures to eligible non-US customers, we are excited to further our mission to help update the global financial system and provide more economic freedom and opportunity for users around the world.”

Meanwhile, this move holds strategic significance for Coinbase, as it is aiming to tap into the largest sector of the cryptocurrency trading market. Derivatives trading accounts for roughly 75% of the total crypto trading volume, making this licensing a gateway to a substantially larger market base.

Coinbase acknowledges the relatively limited number of reputable players in the derivatives market, positioning itself as a key contender in this domain.

This licensing development is yet another step in Coinbase’s international expansion journey. The exchange has already secured licenses in several European countries, including the Netherlands, Spain, Ireland, and Italy.