submitted by /u/plug_and_pray
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.
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:
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:
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.
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.
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