Key Points:
- Coinbase plans to launch a new trading platform for cryptocurrencies outside the United States.
- The nature of Coinbase’s overseas operations or location remains to be determined.
- The plan comes as the regulatory and banking environment for crypto companies in the US is deteriorating.
Cryptocurrency exchange Coinbase reportedly plans to launch a new platform overseas as part of its aggressive expansion outside the United States.
According to a report by Bloomberg, the US crypto giant has been in discussions with international clients, investment firms, and market makers about its plans to set up a new exchange.
The nature and location of Coinbase’s international activities are still unknown. However the UK, Ireland, Germany, Spain, Italy, France, the Netherlands, and Switzerland are all active participants in the exchange.
Coinbase is looking to international markets to drive growth amid fears of an impending crackdown on crypto businesses in the US. It is also facing some banking troubles after it was revealed that about $240 million of the company’s cash balances are stuck with New York-based Signature Bank for loans following when New York authorities abruptly shut down the bank.
To compete with its rivals, who are rapidly gaining ground outside of the US, Coinbase may be rushing overseas.
Although Coinbase is the largest cryptocurrency exchange in the United States, it faces stiff competition from players like Binance.
Together with the US license, this US crypto giant also holds grants from Germany, the UK Financial Conduct Authority, Italy, the Netherlands, and Ireland. In numerous key markets, additional registrations or licensing applications are being processed, according to local laws.
Earlier this month, Coinbase updated its retail platform in Singapore to reflect its new strategic banking partnership with Standard Chartered, allowing customers to transfer funds to and from accounts through local banks’ direction.
Coinbase customers in Singapore can now easily withdraw funds to or from their exchange accounts using a free wire transfer. The move gives users more flexibility and control over their assets as they were previously forced to use debit or credit cards to transact with this exchange.
Notably, recently, Coinbase has continuously made moves to adapt to the regulations of US authorities, such as delisting stablecoin BUSD and constantly fighting for reasonable legal limits for the Staking product segment.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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