Coinbase Wins CFTC Approval for Global Crypto Perps in the US
Coinbase Financial Markets received CFTC authorisation on 29 May 2026 to offer US traders access to global crypto perpetual futures. The approval connects US users to Deribit's international liquidity pool through a regulated domestic platform for the first time.
CFTC grants Coinbase first US approval for global crypto perps
The Commodity Futures Trading Commission (CFTC) issued a no-action letter on 29 May 2026 naming Coinbase Financial Markets as the first registered futures commission merchant (FCM) permitted to offer US traders access to global crypto perpetual futures. The letter confirmed that the contracts fall within the foreign futures category under Commission Regulation 30.1. It also authorized FCM transfers of customer-owned digital assets to Coinbase's affiliated foreign board of trade, Deribit FZE, as margin.
"Something that got missed in the noise last week: Coinbase got approved to offer true global crypto perps in the US. This took many years of work, and we're the first to offer this global liquidity to US users.", 10 June 2026. — Brian Armstrong, CEO, Coinbase
US traders get regulated access to Deribit's global liquidity pool
The approval connects US users to Deribit's international derivatives liquidity through a compliant domestic channel. Armstrong said a significant share of Americans had previously accessed offshore perpetual futures platforms through VPNs and workarounds, outside the US regulatory framework. He added that enforcement against those practices was uncommon. Armstrong described the situation as an uneven environment for companies operating within US rules. The no-action letter creates a legal path for the same market access through a US-registered entity.
"Coinbase is strongest in the US, and the US is the largest market for trading, so there is now a chance to build a global network effect around liquidity. And US traders can now use these products in a compliant way with a US company, which hopefully provides greater customer protection.", 11 June 2026. — Brian Armstrong, CEO, Coinbase
Perpetual futures became preferred product for traders outside the US
Perpetual futures contracts have no expiry date. Funding payments between long and short positions keep contract prices aligned with the underlying asset price. Armstrong said these contracts had become the preferred product for many crypto traders outside the United States. US regulators historically restricted domestic access. Most activity moved to offshore venues as a result.
Coinbase plans its own US perps product on 21 July 2026
Coinbase plans to launch its own US Perpetual-Style Futures product on 21 July 2026. Armstrong credited CFTC Chair Harry Selig and Securities and Exchange Commission (SEC) Chair Paul Atkins for supporting the regulatory changes that made the launch possible. Coinbase said it plans to continue expanding compliant access to crypto trading products in the United States.
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