It seems that regulatory pressure from the United States regulators force crypto firms to consider other routes and leave the United States.
Coinbase, an American cryptocurrency exchange established in 2012 by Brian Armstrong and Fred Ehrsam, is reportedly planning to launch a crypto trading platform outside the US.
According to a Bloomberg report shared on March 17th, the crypto exchange Coinbase is reportedly discussing the matter with several institutional clients.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Decentralized Crypto Gambling? (Animated Explainer)
The move comes as crypto-related companies are experiencing mounting pressure from US regulators and lawmakers due to their involvement in the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank.
US regulatory bodies, including the Securities and Exchange Commission (SEC), have been ramping up their efforts against specific cryptocurrency companies in the past few months.
The most recent incident occurred a month ago, on February 8th, when the news broke that the crypto exchange Kraken is under investigation by SEC. The US regulator was looking into whether Kraken was offering unregistered securities to its American clients.
At that time, the person familiar with the matter claimed that the probe was “at an advanced stage and could lead to a settlement in the coming days.”
On February 9th, Kraken reached a settlement with the United States Securities and Exchange Commission (SEC). At that time, SEC charged Kraken with “failing to register the offer and sale of their crypto-asset staking-as-a-program.”
As a response to the charges, Kraken agreed to stop offering crypto staking services for US customers and pay $30 million in prejudgement interest, disgorgement, and civil penalties.
The planned Coinbase venture aims to serve an international audience; however, the precise location for the new platform has yet to be decided.
It is worth noting that just a week ago, Coinbase banned Binance USD (BUSD) trading across all of its platforms.
