Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.
Coinbase has set its signs on expanding into countries outside the United States. The exchange has acknowledged its well-defined crypto regulations as a key driver to move into other parts of the world.
In a recent blog post Coinbase’s Vice Presidents for International Business and International Policy, Nana Murugesan and Tom Duff Gordon, identified the areas the exchange is looking to open operations in. The areas include the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia.
The exchange tweeted: “Today, 83% of G20 members and major financial hubs have made progress toward regulatory clarity for crypto. But the US is an outlier… Globally, countries are vying to become crypto hubs. Regulatory clarity has emerged in the EU, UAE, China (HK), Singapore, Australia and Canada, to name a few.”
Coinbase plans to focus on acquiring the necessary licenses, registering its operations, and strengthening its presence in these countries, taking advantage of the regulatory clarity they offer. According to Murugesan and Gordon, these nations are actively implementing clear crypto regulations, making them attractive targets for Coinbase’s expansion efforts.
In contrast, the blog post highlighted the United States’ approach to crypto regulation, describing it as a “strategy” centred around enforcing existing rules and introducing new regulations through legal action. Coinbase has previously expressed concerns that the United States is putting the country’s influence in the crypto space at risk, with other regions progressing more rapidly in establishing crypto-forward regulations.
Coinbase in the United States
Despite the regulatory challenges in its home country, Coinbase remains committed to its mission of transforming the global financial system and expanding economic freedom and opportunity.
Coinbase’s expansion plans fall under its “Go Broad, Go Deep” initiative, representing the second phase of its global growth strategy. As part of these plans, it aims to establish partnerships with both global and local banks and payment providers to enhance its fiat on-ramps while ensuring compliance with regulatory frameworks.
Coinbase also plans to intensify its lobbying and visibility efforts, particularly in anticipation of the EU elections scheduled for June of the following year. It intends to engage with the G20 to contribute to the development of global crypto standards. Each country’s crypto regulatory progress will be monitored and evaluated through a “scorecard” system.