Coinbase Global Inc. COIN diversifies its business by launching an international derivatives exchange for institutional crypto traders outside of the United States.

The Coinbase International Exchange is listed Bitcoin BTC/USD And ether ETH/USD Perpetual futures begin this week after receiving a license from the Bermuda Monetary Authority in April.

The San Francisco-based company is entering a market largely driven by offshore players such as binance BNB/USD and which has now collapsed FTX FTT/USD.

Coinbase struggles with legal uncertainty in the US, as it has received a Wells Notice by the Securities and Exchange Commission in March, indicating possible legal action.

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A company spokesman told Bloomberg: “Coinbase is still awaiting approval to offer futures directly to our customers in the US” The international exchange in Bermuda will initially only be available to institutional customers outside the US.

Perpetual futures, popular with crypto traders to hedge or speculate on the price of underlying tokens with leverage, have no expiration date.

Coinbase International Exchange initially offers up to 5x leverage, and all trades are settled in USD Coin, the stablecoin issued by Circle Internet Financial Ltd. USDC/USDa Coinbase partner.

In a blog post, Coinbase stated its commitment to the US market but expressed disappointment with the country’s market “Regulation through enforcement” approach.

The company made 84% of its sales in the United States last year.

Some previous attempts at global expansion, such as operations in Japan, have faced and have faced challenges finally turned off.

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