Coinbase cleared to offer US customers access to global crypto

Coinbase has become the first U.S. cryptocurrency exchange authorized to provide domestic customers with access to offshore crypto perpetual futures, commonly called “perps,” through its Deribit subsidiary [1]. The Commodity Futures Trading Commission’s (CFTC) approval comes via a detailed no‑action letter that outlines how the firm can offer these leveraged contracts while remaining under U.S. regulatory oversight.

Key takeaways

• The CFTC issued a no‑action letter allowing Coinbase to connect U.S. traders to Deribit’s global perpetual futures market [1].
• Perpetual futures are contracts with no expiration date that let traders take leveraged positions on crypto prices [2].
• The advisory does not create a formal rule; it provides a staff‑level compliance path that could be adopted by other U.S. exchanges [2].
• Coinbase has not yet decided which digital commodities will be offered, but the CFTC cleared all contracts traded on Deribit, including Bitcoin, Ethereum and others [1].
• The move also green‑lighted prediction‑market platform Kalshi to list a Bitcoin perpetual contract, the first U.S.–based product of its kind [1].

CFTC approval and the scope of the permission

On Friday, the CFTC’s Division of Clearing and Risk, Market Oversight, and Market Participation released a 16‑page advisory granting Coinbase Financial Markets, Inc. a no‑action stance for its plan to offer “digital commodity” perpetual futures through Deribit [1]. The letter does not constitute formal rulemaking but signals that staff will not recommend enforcement action if Coinbase proceeds under the outlined conditions [2]. The agency simultaneously approved KalshiEX, LLC to list a Bitcoin perpetual contract, marking the first regulated U.S. product in this segment [1].

Deribit, an offshore crypto options exchange acquired by Coinbase for $2.9 billion, currently lists a wide range of perpetual futures, including Bitcoin, Ethereum, Solana, Dogecoin and even the TRUMP meme coin [1]. While the CFTC cleared the pathway for all such contracts, Coinbase will determine which assets are “fit for purpose” before offering them to U.S. customers [1].

Market context and regulatory implications

Perpetual futures have become one of the most liquid crypto trading instruments, driven by their ability to provide continuous exposure, leverage and hedging opportunities [2]. In the month preceding the CFTC’s decision, global crypto perps trading volume exceeded $588 billion, dwarfing the $160 billion volume across the broader DeFi ecosystem [1]. Yet U.S. traders have largely been excluded from this market, prompting activity to shift to offshore venues [2].

The CFTC’s advisory acknowledges the operational challenges of 24/7 derivatives trading, noting risks around margin monitoring, liquidity management and system outages when traditional markets are closed [2]. By allowing regulated firms to test perpetual futures under existing oversight tools, the agency aims to bring this activity within the U.S. regulatory framework while still managing the inherent risks [2].