America’s largest crypto exchange, Coinbase, is reportedly assessing whether to launch a new digital asset trading platform. The proposed crypto trading platform will be based outside the United States, with Coinbase already in touch with institutional investors.
A New Trading Platform
According to the reports, Coinbase plans to establish a new crypto trading platform outside the United States. However, the exchange is yet to name a specific location where it would establish the proposed crypto trading venture.
Meanwhile, the latest move by Coinbase came amid the aggressive approach of US regulators toward the crypto industry since the start of the year. Due to the numerous crashes in the crypto space early last year, regulatory agencies in the United States have doubled their oversight of the digital asset ecosystem.
However, the November 2022 collapse of FTX, the Sam Bankman-Fried-owned crypto exchange, was the difference maker as the debacle significantly caused regulatory oversights to increase. The FTX episode had a contagious impact on the broader crypto market due to the firm’s position and the influence of the Bankman-Fried in the digital asset industry.
In addition, the recent fallout of three crypto-friendly banks, Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank, also spur regulatory bodies into cracking down on exchanges. The banks’ sudden insolvency has spread fears about the state of the global banking system, with authorities stepping up to ensure the crisis is contained.
Interestingly, Coinbase is reportedly part of the many crypto trading platforms looking to relocate to other jurisdictions due to increased regulatory enforcement in their home countries. Firms are actively seeking new banking partners with the US regulatory climate becoming hotter for crypto businesses to thrive.
According to sources in Switzerland, an increasing number of crypto firms in the US are seeking to open an account with Swiss banks.
Expanding Its Global Presence
Despite the ongoing issues in the crypto market, Coinbase is still keen on expanding its global presence by promoting crypto adoption across its areas of operations. As revealed by the firm’s spokesperson, Coinbase is exploring geographical options that would present favorable market conditions for its operations.
In addition, the exchange is reportedly meeting with the government from different jurisdictions to collaborate on regulatory issues in the industry.
Last week, Coinbase announced its move into the Singaporean market by partnering with the country’s leading bank to offer free transfers. As Asia’s leading blockchain hub, Singapore offers Coinbase the chance to expand its global reach by providing seamless, safe, and affordable crypto transaction services to digital assets enthusiasts.
Using any domestic bank, Singapore users could transfer money to and from their Coinbase accounts at zero costs. In addition, users can also cash out from their Coinbase account or seamlessly redeem their funds from banks through bank transfers.
Meanwhile, Coinbase has introduced “Singpass,” a 2-click platform for Singaporeans to attract them easily join its trading platform.
Fxp360 Review – Is Fxp 360 Scam or a Trusted Broker? (Fxp360.com)
Coinbase Files A Petition To The SEC, Argues That Staking Should Not Be Classified As Securities
Celsius’ Adviser And Lawyer Fees Set To Hit $144M, Community Reacts