Coinbase Flees Us Regulatory Crackdown by Setting up Crypto Trading Platform Overseas

Coinbase Flees Us Regulatory Crackdown by Setting up Crypto Trading Platform Overseas

Time Stamp: March 17, 2023 4:05 PM
Source Node: 2015946
  1. Coinbase plans to set up a crypto trading platform outside the US due to regulatory pressures.
  2. The move allows Coinbase to continue offering services while avoiding US regulatory hurdles.
  3. Coinbase discussing the move with institutional clients suggests a potential expansion to new markets.

Coinbase’s decision to set up a crypto trading platform outside the United States reflects the increasing regulatory pressures that have been mounting on the company and the industry as a whole. In recent months, U.S. regulators have been scrutinizing crypto companies for their perceived role in the failure of several banks. This has led to increased regulatory hurdles that have made it difficult for crypto firms to operate in the United States.

As a result, many companies are looking to expand their operations outside of the country, and Coinbase is no exception. The move to set up a non-U.S. platform is seen as a way for Coinbase to continue to offer its services to its clients while avoiding the regulatory pressures in the United States.

According to the Bloomberg report, Coinbase has discussed the move with some of its institutional clients. This suggests that the company is looking to bring its services to more clients and potentially tap into new markets.

Despite the regulatory challenges, Coinbase appears to be doubling down on its staking program, offering rewards for cryptocurrency holders. The company issued a notice to users in March that its staking program would continue despite the crackdown and may even increase. This suggests that Coinbase is confident in the long-term prospects of the crypto industry and is willing to weather the short-term regulatory storm to continue to offer innovative products and services to its clients.

In other news, the Hong Kong Securities and Futures Commission (SFC) has approved Signum Digital’s security token offering (STO) and subscription platform.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.

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