CFTC Approves Coinbase to Offer Perpetual Futures to U.S. Users; Armstrong Cites 50% Trading Volume from VPN Access

According to CFTC filings, the Commission's Division of Market Participants issued a no-action letter to Coinbase Financial Markets (CFM), permitting it to offer crypto perpetual futures and options listed on affiliated offshore exchange Deribit FZE to U.S. users. Coinbase CEO Brian Armstrong noted on X that approximately 50% of perpetual futures trading volume currently comes from U.S. users accessing offshore products via VPN with lax KYC verification. Armstrong stated the approval follows years of regulatory lobbying, enabling U.S. users to access genuine global perpetual futures.
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