Cryptocurrency exchange Coinbase is exploring the possibility of creating a new trading platform outside the jurisdiction of the United States. Writes about it Bloomberg citing own sources.
According to them, the company is consulting with institutional clients of Coinbase Global Inc. about connecting to an alternative exchange. Its location has not yet been determined.
A Coinbase spokesperson declined to comment on the situation in detail. However, he mentioned that in line with the mission of global adoption of cryptocurrencies, they are evaluating geographic options and meeting “government officials in jurisdictions with high regulatory requirements.”
The exchange services are available in more than 100 countries, but all customer orders are processed by the US-registered platform.
The negotiations are taking place against the backdrop of tightening control over the industry by the US authorities and a series of major bankruptcies of cryptocurrency-friendly banks.
According to experts, the launch of an offshore exchange will allow Coinbase to hedge against hostile US regulation and provide international clients with new products that are not approved in its domestic market, such as lending and trading in decentralized markets.
Recall that in early March, Coinbase launched the Crypto435 initiative aimed at promoting understanding and support of cryptocurrencies among politicians and regulators.
At the same time, CEO Brian Armstrong said that the United States is lagging behind in preparing legislation for cryptocurrencies, while the rest of the world is already using digital assets.
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Cryptocurrency exchange Coinbase is exploring the possibility of creating a new trading platform outside the jurisdiction of the United States. Writes about it Bloomberg citing own sources.
According to them, the company is consulting with institutional clients of Coinbase Global Inc. about connecting to an alternative exchange. Its location has not yet been determined.
A Coinbase spokesperson declined to comment on the situation in detail. However, he mentioned that in line with the mission of global adoption of cryptocurrencies, they are evaluating geographic options and meeting “government officials in jurisdictions with high regulatory requirements.”
The exchange services are available in more than 100 countries, but all customer orders are processed by the US-registered platform.
The negotiations are taking place against the backdrop of tightening control over the industry by the US authorities and a series of major bankruptcies of cryptocurrency-friendly banks.
According to experts, the launch of an offshore exchange will allow Coinbase to hedge against hostile US regulation and provide international clients with new products that are not approved in its domestic market, such as lending and trading in decentralized markets.
Recall that in early March, Coinbase launched the Crypto435 initiative aimed at promoting understanding and support of cryptocurrencies among politicians and regulators.
At the same time, CEO Brian Armstrong said that the United States is lagging behind in preparing legislation for cryptocurrencies, while the rest of the world is already using digital assets.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
