Coinbase Secures CFTC Clearance for Regulated Crypto Perpetual Futures in the US

Coinbase has gained clearance from the US Commodity Futures Trading Commission (CFTC) to offer regulated crypto perpetual futures to US traders. The CFTC no-action letter, issued on May 29, allows Coinbase to route perps through Coinbase Bermuda under defined conditions.

Coinbase CEO Brian Armstrong confirmed the clearance on X and said it's a major opening for US crypto derivatives access. However, he noted that this approval applies only to Coinbase's specific structure, participants, and product design, and other exchanges cannot copy the model without their own CFTC clearance.

The structure connects US and international markets instead of splitting liquidity into separate pools, giving US traders access to deeper order books. According to Armstrong, about half of all perpetual futures volume probably came from Americans using offshore products via VPNs and loose KYC controls.