Coinbase has introduced a suite of derivatives products for eligible professional investors in the United Kingdom, marking a significant expansion of its offerings under the company's "Everything Exchange" strategy.

The new product line includes perpetuals, dated futures, and crypto options, with access rolling out to professional clients in stages over the coming weeks. According to a Coinbase blog post, the range encompasses more than 170 contracts linked to crypto assets, commodities, equities, and foreign exchange.

Perpetual contracts will trade on a 24/7 basis with leverage of up to 50x, while dated futures will feature set settlement dates and leverage of up to 20x. Coinbase noted that its options service will be limited to crypto assets, with professional clients gaining access to calls, puts, and multi-leg strategies.

MiFID License Enables UK Derivatives Expansion

The launch follows Coinbase obtaining a MiFID license, which the company said permits it to offer derivatives contracts in the UK to clients meeting professional investor criteria.

The restriction to professional investors aligns with UK regulatory parameters: the Financial Conduct Authority banned the sale of crypto-asset derivatives and exchange-traded notes to retail consumers in January 2021, citing concerns about consumer harm. Eligibility for professional investor status typically requires meeting thresholds related to portfolio size, transaction frequency, or professional experience.

Coinbase has been steadily broadening its UK product suite beyond crypto spot trading. The exchange recently began providing eligible UK users with access to nearly 4,000 U.S.-listed stocks, integrating equities alongside its existing crypto and fiat services.

The "Everything Exchange" initiative also encompasses stablecoins, savings, borrowing, and additional financial products. Coinbase stated that the strategy is designed to consolidate multiple asset classes within a single platform.

Revenue Diversification Beyond Bitcoin Spot Trading

Coinbase has actively worked to decrease its dependence on bitcoin spot trading revenue. In its second-quarter earnings report, the company disclosed that 88% of net revenue originated from sources other than bitcoin spot trading.

The push into derivatives reflects a broader industry pattern: perpetual futures and other derivatives instruments have historically accounted for a significant share of global crypto trading activity, with exchanges such as Binance, Bybit, and OKX generating substantial volume from these products. Coinbase's expansion into this category positions it to capture more of that activity among regulated, institutional, and professional clients.

The exchange also reported that its share of global trading volume reached a record 10.3% during the quarter, up from 9.1% in the preceding first quarter.

UK Regulatory Standing

Coinbase characterizes itself as the most comprehensively regulated cryptocurrency company operating in the UK. Its subsidiary, CB Payments Ltd, is authorized by the Financial Conduct Authority to provide investment services and is additionally authorized under the Electronic Money Regulations 2011 to issue electronic money. Coinbase continues to leverage these regulatory permissions to expand its product offerings for both retail and professional clients.