Coinbase launches crypto derivatives trading in Canada for eligible users
Quick Look
Coinbase has launched crypto derivatives trading in Canada, offering perpetual and dated futures on Bitcoin, Ether, Solana and other assets through Coinbase Financial Markets, accessible to eligible Canadian customers with at least $5 million in net financial assets or registered investment advisers and dealers, using nano-sized positions with up to 10x leverage.
AI-generated summary
Why It Matters
Canadian crypto ownership has risen to 25% in 2024 from 10% in 2023, according to Ontario Securities Commission research, prompting increased interest from US trading platforms seeking to expand their crypto offerings in the region.
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, which operates in Canada under foreign dealer and futures commission merchant exemptions.
Coinbase said Wednesday that the offering includes 23 crypto perpetual and dated futures, five commodity futures and the Coinbase 50 Index. The company said it is 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.
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 in Canada.
On Monday, US online brokerage Webull expanded crypto trading to Canadian customers using Coinbase’s infrastructure for trading and custody, adding digital assets alongside its existing stocks, ETFs and options offerings.
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 entered Canada after completing its acquisition of WonderFi. Source: Vlad Tenev
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.
What to Watch
AI outlook — possibilities, not facts
Canadian regulators will likely introduce additional oversight measures for crypto derivatives trading in response to platform expansion
Likely · Within months
Open Questions
- What specific eligibility criteria apply beyond net financial assets and registration status?
- How will Canadian regulators respond to the growing presence of US crypto trading platforms?
- What impact will the proposed bans on crypto ATMs and political donation restrictions have on market dynamics?
