News

Coinbase Looks for a New Home Offshore as US Crackdowns on Crypto Increase

single-image

Key Points

  • Coinbase is planning to set up a new trading platform platform overseas.
  • The U.S. is cracking down on crypto businesses following the collapse of FTX.
  • Government officials have shifted the blame for the failure of banking system to crypto.

Coinbase is looking to establish a new crypto trading platform offshore due to tightening scrutiny by U.S. regulators

Stay in the know on crypto by frequently visiting Crypto News Today

According to Bloomberg’s sources, Coinbase has informed its institutional clients about the intentions of setting up a new trading platform offshore. Due to its tight regularity environment, the U.S. has made it difficult for crypto firms to conduct business.

The community believes the U.S. will miss out on crypto innovation with its strict stance. 

Coinbase Plans to Diversify Overseas

The exchange wants to establish an alternative venue independent of the main Coinbase marketplace. In fact, Emilie Choi, the Chief Operation Officers (COO), said, “International expansion is going to continue to be a very core part of how we operate.”

There has yet to be any confirmation about the location for the new platform, but the countries such as the U.K., UAE, and Hong Kong, all racing to be crypto hubs, are potential candidates.

Earlier, BeInCrypto reported that Coinbase aims to expand internationally in the next eight weeks and will begin with Singapore.

Coinbase wrote in its fourth-quarter investors’ letter, “Disappointingly, we are not seeing regulators necessarily welcoming transparency and public participation in their rule-making. United States’ agencies, in particular, are demonstrating a disjointed stance regarding crypto that is pushing the industry overseas.”

U.S. Crypto Crackdown Continues

As crypto-friendly banks such as the Silicon Valley BankSignature Bank, and Silvergate bank collapse, new hurdles for Web3 businesses have been brought in. Reportedly, regulators demanded that banks submitting bids for Signature Bank should “give up all the crypto business.”

While some government officials blamed crypto for the collapse of banks.

According to industry stakeholders, the U.S. government launched Operation Choke Point 2.0 to cut down the banking access of Web3 firms. The anti-crypto stance of the U.S. intensified after the collapse of the FTX exchange in November 2022.CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at BEINCRYPTO


Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt

You may also like