Coinbase has appointed Anthony Armstrong, former CFO of Elon Musk's companies including xAI, X.AI Corp., and X Corp., to its board of directors. According to Coinbase, Armstrong brings nearly a decade of experience at Morgan Stanley building its global technology M&A practice, followed by service as Senior Advisor in the Executive Office of the President. The company cited his focus on efficient execution and doing more with less as core reasons for the appointment, noting these principles align directly with Coinbase's operational philosophy. Armstrong's experience overseeing financial operations across some of the world's most closely watched technology companies provides strategic value as Coinbase continues its expansion into regulated markets.
Coinbase has launched regulated crypto derivatives trading in Canada through Coinbase Financial Markets, offering 23 crypto perpetual and dated futures, five commodity futures, and the Coinbase 50 Index for eligible Canadian clients. The company now provides perpetual and dated futures tied to Bitcoin, Ether, Solana, and other major cryptocurrencies, making Coinbase the first major crypto-native platform to offer direct native crypto futures in Canada. Access remains restricted to eligible Canadian customers with at least $5 million in net financial assets, as well as registered investment advisers and dealers, with contracts using nano-sized positions and leverage up to 10x. As reported by Cointelegraph, the offering covers Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL) and other assets, alongside five commodity futures and the Coinbase 50 Index.
According to Ontario Securities Commission research, crypto ownership in Canada has climbed from 10% in 2023 to 25% this year, drawing a wave of US platforms into the market. Webull expanded crypto trading to Canadian customers using Coinbase's own infrastructure for trading and custody, while Robinhood entered Canada in June through its $180 million acquisition of WonderFi, gaining control of Canadian exchanges Bitbuy and Coinsquare alongside approximately 300,000 funded customers and WonderFi's Canadian licenses and regulatory approvals. The competitive landscape reflects the growing institutional and retail interest in Canadian crypto markets, with multiple platforms now offering derivatives access to Canadian investors.
Canada is tightening sector oversight with Ottawa proposing a ban on crypto ATMs in April over scam and money laundering concerns, while lawmakers advance legislation to prohibit cryptocurrency donations to political parties and candidates. The regulatory environment is creating opportunities for established platforms like Coinbase while forcing new entrants to navigate stricter compliance requirements. The timing of Coinbase's Canadian expansion aligns with Canada's broader approach to crypto regulation, positioning the company to benefit from the country's evolving framework while maintaining its leadership in regulated markets.
According to reports from Coinbase, the company filed two SEC notice registrations dated September 1 to bring single-stock perpetual contracts to the United States through its regulated derivatives exchange and brokerage. Coinbase Derivatives filed Form 1-N to register as a security futures exchange, while Coinbase Financial Markets submitted Form BD-N as a limited-purpose security futures broker-dealer. The filings establish a dual SEC-CFTC regulatory route, with Coinbase Derivatives operating as a CFTC-designated contract market since 2020 and Coinbase Financial Markets already registered as a futures commission merchant with the CFTC.
As reported by Coinbase, the proposed contracts would provide derivatives exposure rather than ownership of referenced shares, with holders not receiving shareholder rights such as voting rights. The company launched stock perpetual futures for eligible customers outside the United States in March 2026, initially offering synthetic exposure to major technology stocks including Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla, along with ETF perpetuals tied to SPY and QQQ tracking the S&P 500 and Nasdaq-100 respectively. The international products offered leverage of up to 10 times for stock contracts and 20 times for ETF perpetuals, with positions settled in USDC and cross-margined with other holdings.
