In March, the company was reported to be exploring options to launch an offshore platform.
Coinbase (COIN) has obtained a license to offer its services in Bermuda as part of its international expansion efforts, the firm announced in a blog post on Wednesday.
The U.S. crypto exchange received a Class F license from the Bermuda Monetary Authority (BMA) which allows the company to operate as a digital asset exchange in that territory.
The news comes two days after Coinbase CEO Brian Armstrong indicated that the exchange would consider moving away from the U.S. if regulation doesn’t become clearer. The exchange in March was reported to have been in discussions with institutional clients about setting up a crypto-trading platform overseas.
For now, it is unclear what services Coinbase will offer in Bermuda.
“While we are excited to partner with the BMA, and to have successfully attained the Class F License in this high-bar regulatory jurisdiction, nothing to announce today regarding our future plans to offer services through this license,” a spokesperson told CoinDesk.
As part of what the exchange calls its “8-week international expansion drive,” Coinbase in its blog post took note of, among other items, doubling down on its investments in the Canadian market. The company recently hired Lucas Matheson as country director and signed a Pre-Registration Undertaking (PRU), which is considered a stepping stone on the way to becoming a registered exchange in that country.