America’s Largest Bitcoin Exchange Is Considering Leaving The Country

Coinbase has faced pressure that has led to the CEO announcing that it may have to go global.

Coinbase is considering establishing itself in another country should the negative US regulatory stance on bitcoin and cryptocurrencies continue, according to CEO Brian Armstrong.

“I think if there are several years where we don’t see regulatory clarity emerging in the US, we may have to consider increasing investment in other areas of the world,” Armstrong said. It said In response to a question at a fintech conference Tuesday.

In March, it was reported that Coinbase was in talks with investors and other interested parties about possibly launching an offshore exchange. Coinbase, the largest cryptocurrency and bitcoin exchange by volume headquartered in the United States, has faced mounting regulatory pressures and challenges.

The company was recently Forced to pay $100 million in fines based on regulatory findings that said Coinbase had increased the risk of illegal activity. In addition, Coinbase recently reported that it You may face SEC charges Because of potential violations of securities laws. The company highlighted its concerns blog posts which describes how “a million tech jobs[are]at risk in[the US]due to regulatory uncertainty.”

While some US states are actively seeking to protect Bitcoin and the right to mine Bitcoin, other legislatures see the need for more regulatory scrutiny and legislation.

Coinbase is not the only major exchange in the cryptocurrency industry facing scrutiny sanctions. Recently, the CFTC sued the world’s largest exchange by volume, Binance, and its CEO, Changpeng Zhao, after alleged regulatory wrongdoing. This followed US stock exchange Kraken’s settlement with the Securities and Exchange Commission regarding a failure to register the exchange’s staking product.

The industry is likely to continue to face increased scrutiny in the United States as it grows, leading to difficult decisions for companies seeking to tap into the rich US market, but must comply with US regulations.