Coinbase has launched crypto derivatives trading in Canada, giving eligible users access to perpetual and dated futures tied to Bitcoin (BTC), Ether (ETH), Solana (SOL) and other assets.

The products are offered through Coinbase Financial Markets, a futures commission merchant registered with the US Commodity Futures Trading Commission (CFTC), which operates in Canada under foreign dealer and futures commission merchant exemptions. Leveraged derivatives have become a significant revenue driver for major exchanges, and Coinbase has pushed to expand such offerings internationally, including in markets such as the United States, where it offers CFTC-regulated nano bitcoin futures, and in Europe.

Announcing the launch on Wednesday, Coinbase said the offering includes 23 crypto perpetual and dated futures, five commodity futures and the Coinbase 50 Index. The company described itself as the first major crypto-native platform to offer direct native crypto futures in Canada.

Access is limited to eligible Canadian customers, including those with at least $5 million in net financial assets or registered investment advisers and dealers. The contracts use nano-sized positions and offer leverage of up to 10x. That investor threshold means the offering falls within Canadian exemptions allowing registered dealers and high-net-worth individuals to access leveraged products not available to retail traders, while Canada's main securities regulators have previously restricted retail access to crypto contracts purchased on margin.

Related: BlackRock launches 2 Canada ETFs, with one allocating 3% to Bitcoin

US trading platforms expand in Canada

The Coinbase launch comes as US trading platforms broaden their crypto offerings north of the border.

On Monday, US online brokerage Webull expanded crypto trading to Canadian customers, using Coinbase's infrastructure for trading and custody to add digital assets alongside its existing stocks, ETFs and options offerings. The arrangement makes Coinbase's Canadian expansion partly an infrastructure play as well, since it earns fees from powering other brokers' crypto services, a model it has also pursued with partners such as Meta and Shopify.

Webull cited rising adoption as one reason for the move, with crypto ownership in Canada climbing to 25% this year from 10% in 2023, according to Ontario Securities Commission research.

Robinhood entered the Canadian market in June through its $180 million acquisition of local crypto company WonderFi, gaining control of Canadian exchanges Bitbuy and Coinsquare. The deal also brought roughly 300,000 funded customers, along with WonderFi's Canadian licenses and regulatory approvals, under Robinhood.

Robinhood announced its Canadian entry after completing the WonderFi acquisition in a post on X: https://x.com/vladtenev/status/2061554505674793217

The influx of trading platforms comes as Canada tightens oversight of other parts of the crypto market. In April, Ottawa proposed banning crypto ATMs over concerns about scams and money laundering, while lawmakers advanced legislation that would prohibit cryptocurrency donations to political parties and candidates. The combined dynamic — expanding access to regulated, institution-focused products while cracking down on channels associated with fraud — signals how platforms entering Canada are positioning themselves around regulatory compliance as a competitive advantage. Whether Canadian regulators permit broader retail access to leveraged crypto derivatives, and how Ottawa's proposed ATM ban progresses, are the key developments to watch next.

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