The largest US crypto exchange platform by volume is reportedly developing an overseas trading platform in response to a domestic crackdown on crypto assets.
According to a new report from Bloomberg, anonymous sources familiar with the matter say that Coinbase is considering whether to launch a foreign trading platform as US regulators tighten their control over the crypto industry.
The sources say that Coinbase is currently discussing the possibility of setting up an alternative trading network for global customers that would be separate from its main marketplace with its institutional clients.
The exchange giant’s potential expansion comes at a tumultuous time, as lawmakers set their sights on the industry due to numerous high-profile incidents last year, such as the multibillion-dollar downfalls of Terra and FTX.
Furthermore, many crypto-friendly banks, such as Silvergate and Signature Bank, fell into the control of the Federal Deposit Insurance Corporation (FDIC) earlier this year after running into financial troubles.
Though a spokesperson for Coinbase declined to comment specifically, the company did tell Bloomberg it meets “with government officials in high-bar regulatory jurisdictions” in its quest to increase global crypto adoption.
Coinbase CEO Brian Armstrong recently told Bloomberg that the firm is “embracing decentralization,” diversifying its revenue streams, and calling for more regulatory clarity for digital assets in the US.
Last month, Coinbase launched a new initiative to build a strong crypto advocacy community that would engage with US regulators.
“If you love crypto and believe in the potential of web3, it’s more important than ever to advocate for pro-crypto policy in the U.S. Policymakers in Washington DC and state capitals across the US are making decisions about the future of crypto.
Their choices will determine how, when, and where YOU can build, buy, sell, and use crypto. We need to make sure they get it right, and that means making your voice heard.”
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