Breaking: Coinbase Considers Setting Up Global Trading Platform Amid Rising US Regulatory Pressure
Coinbase, America’s leading cryptocurrency exchange, is reportedly engaging in confidential discussions to establish an overseas digital asset trading platform in response to intensifying regulatory pressure in the United States. The move aims to provide greater access to global clients and bolster the company’s international presence while navigating the increasingly challenging regulatory landscape.
Confidential Negotiations in Progress to Develop an Overseas Digital Asset Trading Platform
In response to the growing regulatory challenges in the United States, Coinbase, the nation’s premier cryptocurrency exchange, is allegedly holding confidential negotiations to create an international digital asset trading platform. The objective of this move is to grant broader access to worldwide clients while reinforcing the company’s global footprint and maneuvering the increasingly difficult regulatory environment.
The particulars of the negotiations remain undisclosed, and the specific location for the prospective global marketplace is yet to be identified, as reported by three individuals familiar with the situation who spoke to Bloomberg. The exchange has already reached out to market makers to discuss potential methods of connecting to the new platform. During an earnings call last month, Emilie Choi, Coinbase’s Chief Operating Officer, underscored the significance of global expansion, stating, “The pursuit of international growth will persist as a central aspect of our operations.”
US Crypto Banking Partners Shut Down as Scrutiny on the Industry Intensifies
This move coincides with a tightening grip on the crypto industry by US regulators. Over the past weekend, two major national crypto banking partners, Silicon Valley Bank (SVB) and Signature Bank, were compelled to shut their doors. Some political figures interpret this action as a targeted strike on the industry.
Coinbase recently transitioned from Silvergate, another now-closed crypto bank, to Signature Bank, further compounding the pressure on the company. Reports indicate that former Silvergate crypto clients have started turning to Swiss banks for their financial needs.
Coinbase has frequently voiced its apprehension regarding the escalating antagonism toward the crypto sector in the US, warning that subpar policy and enforcement might push the industry abroad. The company currently serves clients in over 100 countries, but all transactions are ultimately processed through the same US-based platform.
The formation of an international digital asset trading platform could allow Coinbase to maintain its services to global customers while potentially circumventing some of the regulatory obstacles encountered in the United States. Nevertheless, the timeline and location for the launch of the new platform remain uncertain as confidential negotiations are ongoing.
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