Coinbase has secured regulatory approval to offer true global crypto perpetual futures to customers in the United States, a development CEO Brian Armstrong described as a major breakthrough for the country’s digital asset market.
In a post on X, Armstrong said the approval comes after years of policy discussions and regulatory engagement aimed at bringing one of crypto’s most popular trading products to U.S. users through a compliant framework.
Years of regulatory challenges
Armstrong highlighted how crypto derivatives trading gradually shifted offshore over the past several years as U.S. regulations restricted access to perpetual futures contracts, a product widely used by digital asset traders globally. He noted that many American traders sought access to offshore platforms despite regulatory limitations.
“For many years, crypto trading has been moving offshore because the U.S. didn’t have clear rules, and perpetual futures were a superior product that traders wanted, but it wasn’t allowed in the U.S.,” Armstrong said.
Armstrong further stated that a significant portion of global perpetual futures activity involved U.S. users accessing offshore exchanges through VPNs and alternative structures. “If we’re being honest, probably half of all perpetual futures volume was Americans using offshore products via VPN with loose KYC controls,” he said.
What the approval changes
With the new clearance, U.S. users will be able to access true global liquidity through a regulated U.S. platform. Rather than separating domestic and international markets, the offering will pool liquidity across regions, potentially improving market efficiency and pricing for traders.
Armstrong added that the U.S., as one of the world’s largest trading markets, now has an opportunity to help build a stronger global liquidity network around crypto derivatives.
The CEO also credited recent regulatory leadership, specifically naming CFTC Chair Mike Selig and SEC Chair Paul Atkins, for recognizing the importance of modernizing U.S. capital markets rules.
Expanding derivatives footprint
The latest approval follows a series of major regulatory wins for Coinbase’s derivatives business.
In May, Coinbase became the first CFTC-regulated Futures Commission Merchant (FCM) to receive approval allowing U.S. institutions to access global crypto derivatives markets through its platform. The move was widely viewed as a key step toward integrating American traders with international crypto liquidity pools.
Earlier this year, Coinbase also secured an Australian Financial Services Licence (AFSL), enabling it to offer retail crypto derivatives products in Australia ahead of broader digital asset regulations.
The latest approval further strengthens Coinbase’s position in the U.S. derivatives market as competition among exchanges intensifies.
When asked whether Coinbase is becoming more of a traditional financial services company, Armstrong reiterated the firm’s broader mission. “We are using crypto to update all financial services.”
Coinbase said it will continue working with regulators to expand compliant access to digital asset products while helping modernize financial infrastructure through blockchain technology.
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