The company is seeking a new platform for cryptocurrency trading abroad because of increased regulatory scrutiny by American regulators.

According to Bloomberg sources, Coinbase has informed its institutional clients of its intention to create a new trading platform abroad. Due to a strict regulatory environment, the United States is making it difficult for cryptocurrency companies to conduct business.

The community believes that the US is missing out on cryptocurrency innovation due to its tough stance.

​

https://preview.redd.it/oeo8rqi4xjoa1.png?608&format=png&auto=webp&s=553f6b7aacf243c15a1536714cdf4ed37f779df3

https://twitter.com/trevor\_flipper/status/1636740707229794304?s=20

Coinbase is planning diversification abroad.

The exchange wants to create an alternative location independent of the main Coinbase market. Emilie Choi, the Chief Operating Officer, said:

"International expansion will continue to be a significant part of our business."

There is no confirmation yet regarding the location of the new platform, but countries such as the United Kingdom, United Arab Emirates, and Hong Kong, which are racing to become cryptocurrency hubs, are potential candidates.

Earlier, BeInCrypto reported that Coinbase intends to expand internationally within the next eight weeks and will start with Singapore.

Coinbase wrote in its letter to investors for the fourth quarter:

"It is disappointing that regulatory bodies do not necessarily support transparency and public participation in rule-making. Especially agencies in the United States present an inconsistent position towards cryptocurrencies, which pushes the industry overseas."

Continuing the fight against cryptocurrencies in the United States

As cryptocurrency-friendly banks such as Silicon Valley Bank, Signature Bank, and Silvergate Bank fall, new obstacles emerge for Web3 industry firms. Regulators have reportedly demanded that banks bidding on Signature Bank "give up the entire cryptocurrency business."

Some state officials blame cryptocurrencies for the decline of banks.

​

https://preview.redd.it/p99fpzgixjoa1.png?611&format=png&auto=webp&s=78c47e1cd5be0b79b24e9e3049b81435d82e8c5c

https://twitter.com/SenWarren/status/1633611272372486144?s=20

According to industry representatives, the US government has launched "Choke Point 2.0" to limit access to banks for Web3 sector firms. The US's anti-cryptocurrency stance has intensified since the FTX exchange's collapse in November 2022.