Brian Armstrong Says Coinbase Wins Approval for Global Crypto Perps in US

TLDR

• Coinbase won U.S. approval to offer global crypto perpetual futures through a regulated domestic platform.
• Brian Armstrong said years of Washington engagement helped secure approval for compliant perp access.
• Armstrong estimated roughly half of crypto perp volume involved Americans using offshore platforms.
• Coinbase says pooled liquidity could connect U.S. and global perpetual futures markets together.
• The approval gives U.S. traders access to crypto perps without relying on offshore venues.

Coinbase Chief Executive Officer Brian Armstrong said the exchange has received approval to offer what he described as true global crypto perpetual futures to users in the United States, marking a major regulatory milestone for the company’s derivatives business.

Armstrong said the approval followed years of work by Coinbase and repeated engagement with policymakers in Washington, D.C., as the company sought a compliant path for U.S. traders to access perpetual futures products that have long been more widely available through offshore platforms.

Perpetual futures, often called perps, are derivatives contracts that allow traders to speculate on crypto price movements without an expiry date. The product has become one of the most active areas of global crypto trading, but access for U.S. users has remained limited because of regulatory restrictions and the absence of clear domestic rules.

Coinbase Brings Global Perp Liquidity to US Traders

Armstrong said Coinbase is the first platform to offer U.S. users access to global liquidity for crypto perpetual futures under an approved structure. He said the development allows American traders to use the product through a U.S.-based company rather than relying on offshore venues.

According to Armstrong, crypto trading activity had moved offshore for years because U.S. markets did not provide a clear path for perpetual futures access. He said many traders preferred the structure of perps because the product offered deeper liquidity, flexible exposure, and continuous trading opportunities.

Armstrong also said it had become an industry open secret that a large share of perpetual futures volume came from Americans using offshore products through VPNs and weak know-your-customer controls. He estimated that roughly half of all perpetual futures activity may have involved U.S. users accessing foreign platforms.

Armstrong Points to Years of Policy Work

The Coinbase CEO said the approval was achieved after dozens of personal visits to Washington and additional meetings led by the company’s policy team. He framed the outcome as part of a wider effort to bring crypto activity back into regulated U.S. markets.

Armstrong said the earlier market structure created frustration for Coinbase as an American company attempting to follow domestic rules while competitors served U.S. demand through offshore entities or other workarounds. He said penalties for unauthorized offshore access were rarely enforced, which left compliant firms at a disadvantage.

The approval may allow Coinbase to connect U.S. and international liquidity pools for perpetual futures rather than maintaining separated markets. Armstrong said that pooled liquidity could support a stronger global trading network, especially because Coinbase has its largest presence in the United States.

US Crypto Derivatives Market Enters New Phase

The approval arrives as U.S. regulators continue reviewing how crypto products should operate within existing capital market frameworks. Armstrong credited Chair Selig and Atkins for recognizing the role that regulated perpetual futures access could play in U.S. markets.

Coinbase’s move may also affect competition among crypto exchanges serving professional and retail traders. Offshore perpetual futures platforms have historically dominated trading volumes because they offered products that were unavailable or restricted in the United States.

For U.S. customers, Coinbase’s approved access could provide a domestic route to trade crypto perpetual futures while using a platform subject to U.S. compliance standards. Armstrong said the structure may also offer greater customer protection than offshore alternatives with looser identity checks.

The company said it plans to keep working within regulatory channels while expanding its trading products. Armstrong said Coinbase aims to update the system in a compliant manner and position itself as a leading venue for crypto trading across spot and derivatives markets.

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