Coinbase just pushed deeper into one of crypto’s most profitable businesses and, for once, US traders might not need offshore loopholes to participate.
On May 29, Coinbase Financial Markets became the first US-regulated futures commission merchant cleared to connect domestic clients to global crypto perpetuals and options markets. That matters because perpetual swaps and options account for roughly 80% of worldwide crypto trading volume, yet compliant US access barely existed for years.
So institutions improvised.
Many created offshore entities just to reach global liquidity pools, stacking operational complexity and counterparty risk on top of already volatile markets. Now, new guidance from the Commodity Futures Trading Commission changes the equation.
Coinbase Targets Global Crypto Liquidity Access
The updated framework allows institutional clients to access global crypto derivatives through a regulated US broker structure instead of fragmented offshore setups.
That’s a pretty major shift.
Coinbase said Prime client onboarding started immediately following the clearance, with the arrangement consolidating access to international perpetuals and options markets under a single regulated pathway.
Meanwhile, retail traders are still waiting outside the velvet rope. Coinbase hasn’t provided a timeline for broader access yet.
Deribit Integration Strengthens Coinbase Derivatives Push
The launch also leans heavily on Deribit, which Coinbase acquired last year. Deribit options are already live through Coinbase Financial Markets, while perpetual futures products are expected to follow.
That’s significant considering Deribit currently holds more than $31 billion in Bitcoin options open interest.
CEO Brian Armstrong framed the move as finally unlocking access to the majority of global crypto markets that US users previously couldn’t reach compliantly.
Today’s action to onshore crypto asset perpetuals reflects the @CFTC’s commitment to fostering responsible innovation while ensuring that these novel products are traded on regulated exchanges that uphold customer protections and market integrity.
This commitment guided my earliest remarks as Chairman and will continue to guide the Commission’s work as it looks to ensure that the new frontier of finance is built in America.
– CFTC Chairman, Mike Selig
For crypto derivatives, the regulatory wall just got a little shorter. Meanwhile, the broader crypto industry will likely watch closely to see whether regulators continue softening their stance toward compliant derivatives access. If successful, Coinbase could position itself as the primary gateway connecting US institutions to global crypto liquidity markets.
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