Coinbase Becomes First US Exchange Approved to Offer Global Crypto

Coinbase Financial Markets has secured a landmark approval from the U.S. Commodity Futures Trading Commission, becoming the first regulated U.S. exchange authorized to connect American traders to the global crypto perpetual futures market through its subsidiary Deribit [1]. The decision opens a pathway for U.S. participants to trade leveraged crypto contracts that have previously been confined to offshore venues.

Key takeaways

• The CFTC granted Coinbase a no‑action position allowing it to offer “digital commodity” perpetual futures on Deribit [2].
• Perpetual futures are contracts without an expiration date, enabling leveraged bets on crypto prices [3].
• Coinbase can now provide access to a market with over $588 billion in monthly trading volume, according to recent data [3].
• The approval covers a range of tokens, including Bitcoin, Ethereum, Solana, Dogecoin and others, though Coinbase will select which are “fit for purpose” [3].
• The move follows a broader CFTC effort to bring regulated perpetual futures into the U.S., also approving Kalshi’s BTCPERP contract [2].

CFTC Approval Expands U.S. Access to Global Crypto Derivatives

The CFTC’s advisory, issued by its Division of Clearing and Risk, Division of Market Oversight, and Market Participation Division, provides a staff‑level green light rather than a formal rulemaking, giving Coinbase a clear compliance path to offer perpetual futures [2]. Coinbase’s press release emphasizes that the approval lets the exchange “bring global crypto options & perpetual futures to the States,” linking U.S. traders to the deepest liquidity pools, such as Deribit’s $31 billion of Bitcoin options open interest [1].

While the CFTC has also authorized KalshiEX, LLC to list a Bitcoin perpetual contract (the BTCPERP), Coinbase’s permission is broader, covering all “digital commodity” perpetual futures traded on Deribit [2]. The exchange acquired Deribit for $2.9 billion in 2025, positioning it to act as the conduit for U.S. customers seeking exposure to offshore markets [3]. Coinbase has not yet disclosed which specific assets it will launch, stating that only contracts deemed “fit for purpose” will be offered [3].

Why it matters

The approval addresses a long‑standing gap: U.S. traders have been largely excluded from the lucrative perpetual futures segment, which accounts for a substantial share of global crypto trading volume [1][2]. By providing a regulated avenue, Coinbase aims to reduce reliance on offshore structures that carry higher counterparty risk and operational costs for institutions [1]. However, the CFTC’s reliance on a staff advisory rather than permanent rulemaking leaves some policy uncertainty for the future [2].