Non-US retail traders are now able to check their eligibility for perpetual futures on Coinbase Advanced, after Coinbase International Exchange received regulatory approval from the Bermuda Monetary Authority.

Trading is expected to formally begin in the coming weeks for users outside the United States, the company has said.

The company announced in May the launch of the ”Coinbase International Exchange: a new, non-US exchange, accompanying a class F licence from the Bermuda Monetary Authority to allow non-US institutions to trade perpetual futures“.

The company added: “Today, we are excited to announce that Coinbase International Exchange has received additional regulatory approval from the BMA to extend perpetual futures trading to non-US retail customers.

“In the coming weeks, we will begin to offer eligible customers access to regulated perpetual futures contracts on Coinbase Advanced.”

Coinbase had announced phase II of its “Go broad, go deep” strategy, seeking partnerships with high-bar global regulators to build a crypto regulatory framework that allows crypto technology to continually drive innovation.

The company said: “We chose to build our business and become a public company in the US believing that the US should be at the forefront of efforts to update our financial system.

“However, 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.”

Coinbase said the regulatory approval came at a time when other crypto exchanges were facing increased scrutiny from local regulators and backing away from various regions.

A company statement noted: “The global crypto derivatives market represents about 75 per cent of crypto trading volume worldwide, clearly indicating a strong demand from traders for derivatives.

“However, only a few trusted players exist in the global crypto derivatives market that provide the security and transparency that crypto traders need to trade with confidence.

“At Coinbase, our perpetual futures contracts have been built within rigorous compliance standards on Coinbase International Exchange and have already seen over $5.5 billion in notional trading volume from institutions as of Q2.

“Coinbase International Exchange follows the robust regulatory framework established by the BMA, maintaining high standards of risk management, compliance and user protections.”