Coinbase First US Platform Approved for Global Crypto Perps

Coinbase has become the first U.S.-regulated platform authorized to offer American traders direct access to global crypto perpetual futures markets, a significant regulatory shift for a product that has long dominated derivatives trading from offshore venues. The Commodity Futures Trading Commission issued a no-action letter to Coinbase on May 29, 2026, clearing the way for U.S. users to trade these contracts through a compliant domestic structure.

Coinbase CEO Brian Armstrong described the approval as the culmination of years of engagement with Washington policymakers. He said the lack of clear U.S. rules had pushed perpetual futures, or "perps," and much of the trading activity offshore, creating what he called an industry "open secret." Armstrong estimated that roughly half of all perpetual futures volume likely involved Americans using virtual private networks and offshore platforms with weak know-your-customer controls, a practice he said was rarely penalized, leaving compliant U.S. firms at a competitive disadvantage.

The newly approved structure routes trades through Coinbase Bermuda and connects to the global liquidity pool of Deribit, a major crypto derivatives exchange...