Coinbase, a prominent digital currency exchange, has secured a license to operate in Bermuda, one of the first nations to establish a comprehensive legal framework for cryptocurrencies. Reports suggest that Coinbase intends to launch an offshore derivatives exchange in Bermuda as early as next week. This move comes after Coinbase announced plans to expand its operations in Abu Dhabi as part of its "Go Broad & Go Deep" strategy.

In response to Coinbase's offshore move, John Deaton, a notable figure in the crypto industry, has expressed his belief that the potential departure of Coinbase from the US could be due to the actions of an unelected bureaucratic official. Specifically, he is referring to Gary Gensler, Chair of the Securities and Exchange Commission (SEC), who has taken a strict stance on regulating crypto firms.