Bermuda Financial News

TORONTO — An apparent rift among the organizations representing chartered professional accountants in Canada became public when two provincial groups said they are severing ties with their national counterpart.

Ramp, a financial technology company specializing in crypto infrastructure, has announced a significant expansion of its platform’s compatibility, adding 40 new fiat currencies. 

The Australian government needs to quicken its pace in developing crypto regulation or risk falling behind developing markets, according to the chair of a new crypto think tank.

As the cryptocurrency industry faces regulatory challenges in the United States, public crypto exchange Coinbase is moving forward with its futures contracts.

Millions of American television viewers, including those watching the NBA Finals, will soon see a new national ad campaign run by Coinbase. Titled “Moving America Forward,” the campaign is focused on explaining crypto and illustrating how it can help “update the system.” The ads add to the increasing pressure the company is putting on the United States Securities and Exchange Commission for clarity on digital assets. But no company can operate without a backup plan, which explains why Coinbase also secured a license in Bermuda in April to operate an offshore exchange.

Crypto needs to establish itself as a “brand new” component of traditional finance, rather than try to squeeze itself into existing financial products, suggests the CEO of crypto exchange Bittrex Global.

Financial technology company Ripple acquired Switzerland-based crypto custody firm Metaco as U.S. crypto firms look overseas amid a regulatory crackdown at home.

Crypto companies are increasingly turning away from the US in search of clear digital asset regulations, and some of the major companies are finding a home in Bermuda. Still, some experts warn that this may be a short-term solution as the issues in the land of the free are not getting fixed. 

Bankrupt cryptocurrency exchange Bittrex Inc received court permission Wednesday to borrow $7 million in bitcoin to fund the start of its Chapter 11 case. Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. The company's international affiliates will continue to operate crypto exchanges for customers outside of the U.S., but Bittrex said that the U.S. regulatory environment had become untenable after the SEC sued the company for allegedly running an unregistered securities exchange. Before filing for bankruptcy, Bittrex stopped accepting new deposits from U.S. customers and told its existing users to withdraw their crypto from the platform. Bittrex's U.S. operations made up a minority of its overall users. Affiliated exchanges based in Liechtenstein and Bermuda accounted for about 77% of the company's 5.4 million users as of March 27, according to court filings.

Major US-based crypto exchange Coinbase has praised the United Arab Emirates (UAE), saying the region has the potential to become a “strategic hub” for the company.

The US-based crypto exchange Coinbase is facing an “existential risk” as the Securities and Exchange Commission (SEC) continues its crackdown on the crypto industry, a financial analyst has warned.

Coinbase Global (COIN), the parent company of the largest crypto exchange in the United States, launched a new crypto-derivatives exchange in Bermuda, to trade products that aren't allowed in the U.S. amid a lack of regulatory certainty.

As the cryptocurrency industry faces regulatory challenges in the United States, public crypto exchange Coinbase is moving forward with a global derivatives platform.

FTX announced that it has entered into a purchase agreement with an affiliate of Miami International Holdings to sell its futures and options exchange and clearinghouse LedgerX. 

To fend off a regulatory clash at home, Coinbase has been trying to expand into international markets. But some analysts are sceptical that the company can catch up to its deeply entrenched rivals overseas.

United States-based crypto exchange Gemini announced on April 21 the upcoming launch of a derivatives platform outside the U.S. The move comes amid a tightening and uncertain regulatory environment for crypto firms in the country. 

Despite an ongoing legal tussle with US authorities, Winklevoss Twins-owned crypto exchange Gemini has announced the launch of a crypto derivatives platform. 

Another crypto player, Bittrex, recently quit the US over regulatory concerns.

Bitcoin, the world's largest cryptocurrency, has been quite fabulous since the start of 2023, soaring over 70% in the first quarter. 

United States-based cryptocurrency exchange Coinbase has received a license to operate in Bermuda and it's reportedly set to launch a derivatives exchange based there as soon as next week.

The dramatic collapse of crypto exchange FTX last November is not moving Bermuda away from receiving crypto companies, according to the head of the British island territory’s government during an interview with Bloomberg News.