Reading 3 min Published Updated
Australian cryptocurrency exchange Coinjar is looking to get back on its feet in the United States, and its CEO appears unconcerned about market “regulatory risk.”
In an interview with The Australian on May 1, Coinjar CEO and co-founder Asher Tan said he sees an opportunity despite the recent spate of U.S. crypto companies sounding the alarm about the government’s regulatory approach.
“Where other exchanges see regulatory risks, we see opportunities,” he said, adding:
“We have always understood that regulation plays a key role in the future of cryptocurrencies, and we believe that the US market will reward the exchange with our unparalleled good faith compliance.”
Coinjar is based in Melbourne and was founded in late 2013. It was one of the first exchanges to enter the market in Australia and was also licensed to operate in the United Kingdom in September 2021. It is reported to have around 500,000 clients worldwide. two countries.
Coinjar launched its US expansion plans in May, listing the only open position for an Anti-Money Laundering (AML) officer.
“CoinJar is expanding in the US and we are looking for an AML Compliance Officer. The successful candidate will report to the head of the legal department and the board of directors, take responsibility for applicable programs and policies, including the AML/OFAC program, and put in place processes to ensure compliance,” the job listing reads.
Tan suggested that Coinjar’s focus on compliance would be key to thriving in a challenging environment like the United States.
“Licensing is done at the state level in the US, so we will gradually add states until we get close to full state coverage,” he said, adding that “while not every company can or wants to meet these criteria, CoinJar believes we are good at we are up to the challenge.”
Related: On US Bittrex Shutdown and SEC Action – Bittrex Global CEO at Consensus 2023
While the idea sounds good in theory, US exchanges like Coinbase are an example of the potential hurdles Coinjar could face.
Coinbase has said several times that it actively sought to engage in dialogue with the Securities and Exchange Commission (SEC) in the name of compliance, but these efforts were ultimately rebuffed.
On March 22, the SEC hit Coinbase with a Wells notice, effectively threatening legal action over some of the firm’s offerings that it claims violate securities law. Coinbase, however, claims that it had already disclosed such a proposal to the SEC before it received the green light to go public.
In response, Coinbase filed a petition in federal court asking the SEC to propose and enact clearer rules for regulating the cryptocurrency industry in the US.
“We are literally sitting here on the stage asking for regulation, asking for rules, asking for a framework that makes sense for our particular technology so that we can be registered,” Coinbase Chief Legal Officer Paul Grewal said at Consensus 2023 on April 27.
Just In: Coinbase Chief Legal Officer Paul Grewal is an absolute boss. pic.twitter.com/bHA3sCNIet
— Dan Gambardello (@cryptorecruitr) April 27, 2023