Coinbase has received approval to offer U.S. users access to global crypto perpetual futures, becoming the first American exchange allowed to bring this product to domestic traders. CEO Brian Armstrong said the decision gives U.S. market participants a regulated way to tap into a segment of crypto trading that has operated largely offshore for years.
In a statement posted on X, Armstrong said the lack of clear U.S. rules had pushed much of the crypto derivatives market overseas, while perpetual futures became the preferred instrument for many traders outside the country. He also argued that many Americans kept using offshore venues through VPNs and other workarounds despite restrictions, while enforcement was rare, leaving firms that followed U.S. rules at a disadvantage.
CFTC clearance opens a market long dominated offshore
The comments followed approval from the Commodity Futures Trading Commission for Coinbase’s plan to offer crypto perpetual futures to U.S. customers. The clearance was announced on May 29, making Coinbase the first U.S. exchange permitted to provide access to a product that dominates global crypto derivatives activity. Industry data previously cited by crypto.news showed perpetual futures generated $61.7 trillion in trading volume in 2025.
Unlike traditional futures, which expire on a set date, perpetual futures can be held indefinitely. They rely on funding payments between traders to keep contract prices aligned with the underlying asset. The structure has made them a popular vehicle for leveraged crypto trading, even as U.S. regulators historically limited access to them.
Deribit will be the route to global liquidity
Coinbase said the newly approved setup will connect American users to global liquidity through Deribit, the offshore derivatives exchange it acquired earlier this year for $2.9 billion. The company has also said it plans to launch its own U.S. Perpetual-Style Futures product on July 21.
Armstrong described the approval as an important move for U.S. capital markets because it lets domestic traders use products already available internationally while staying inside a regulated framework. His remarks centered on the liquidity split that emerged as offshore exchanges captured most perpetual futures activity. Bringing U.S. users into the same liquidity pools as international traders, he said, could make the market more connected than it has been in recent years.
He also thanked CFTC Chair Harry Selig and SEC Chair Paul Atkins for backing the regulatory changes that made the launch possible. Armstrong said Coinbase plans to keep working with regulators as it expands compliant access to crypto trading products in the United States.
The approval adds to a broader set of initiatives beyond Coinbase’s spot trading business. Earlier this month, the company announced what it described as the first Fannie Mae-insured mortgage backed by Bitcoin collateral. Coinbase executives also recently joined Mastercard’s new AI payments network, which focuses on stablecoin-powered transactions between autonomous software agents.