When commenting on the expansion in the US, CoinJar CEO noted, "where other exchanges see regulatory risk, we see opportunity."
CoinJar, an Australian cryptocurrency exchange, is looking to start offering crypto-related services to customers in the United States.
During the interview with The Australian, Coinjar CEO, and co-founder Asher Tan was optimistic about the US market, despite recent concerns raised by American crypto firms.
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It is worth noting that in recent weeks, several crypto-related entities criticized US authorities, especially US Securities and Exchange Commission (SEC), for crypto regulations and various lawsuits.
Coinjar was among the first crypto exchanges in Australia. In September 2021, it also obtained a license to operate in the United Kingdom and currently serves around 500,000 customers across both countries.
When talking about the regulatory environment in the US, Tan explained that "where other exchanges see regulatory risk, we see opportunity." On top of that, Tan claimed that Coinjar recognizes the crucial role regulation plays in the crypto industry and believes that "the American market will reward an exchange with our unparalleled compliance bona fides."
In the interview, Tan emphasized the importance of regulatory compliance for success in a challenging market like the US. CoinJar CEO noted:
Licensing is done at a state level in the US, so we will be gradually adding states until we can get close to full coverage of states.
Moreover, Tan added that, while not every company can or is willing to meet the necessary criteria, "CoinJar believes we're well suited to take on this challenge."
Although Coinjar's expansion strategy sounds promising in theory, the experience of US crypto exchanges like Coinbase serves as a reminder of the potential obstacles the Australian crypto exchange could encounter in the American market.
At the end of March, Coinbase received SEC's Wells Notice over alleged securities law violations.
Coinjar's bold approach to navigating the complex US regulatory landscape demonstrates its commitment to embracing challenges and seizing opportunities in the rapidly evolving crypto industry.
