Coinbase, the largest cryptocurrency exchange in the U.S., on Tuesday opened its offshore derivatives exchange in Bermuda as part of its global expansion amid legal threats from regulators at home.

Coinbase International Exchange allows institutional clients to invest in bitcoin and ether with open-ended futures contracts that can offer five times leverage, the company said in a statement. The perpetual futures contract has no expiration date.

Coinbase said it remains committed to its services and operations in the U.S., but added that it wants to explore opportunities in jurisdictions outside the U.S. that are interested in becoming cryptocurrency hubs.

This year, U.S. regulators have taken legal action against several cryptocurrency exchanges and service providers.

In February, regulators fined U.S. crypto exchange Kraken and shut down its betting program, which the SEC said was a “victory for investors.” In March, it sent a so-called Wells notice to Coinbase and warned it was considering taking legal action against the company over its cryptocurrency betting services and other products. Last month, the SEC charged Seattle-based cryptocurrency exchange Bittrex with operating an unregistered exchange.

Nasdaq-listed Coinbase responded with a denial and sued the SEC on April 24, demanding that the court order the federal agency to respond to the exchange’s petition asking for clearer regulation of cryptocurrencies.