Coinbase CEO says leaving the US for UK is ‘on the table’ Coinbase CEO says leaving the US for UK is ‘on the table’
Brian Armstrong says Coinbase may leave the U.S. if regulatory clarity doesn't come — opening potential to shift Coinbase to the U.K.
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Updated: Jul. 16, 2023 at 9:43 am UTC
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Coinbase CEO Brian Armstrong said moving the exchange’s headquarters to the U.K. is “on the table” if the U.S. regulatory landscape does not improve.
War on crypto
U.S. regulators have had a frosty relationship with crypto companies since at least before 2020.
But 2023 saw a step up in the frequency of enforcement actions — leading many to believe U.S. authorities were waging a covert war on crypto.
Partner at Castle Island Ventures, Nic Carter, was the first to talk about “a well-coordinated effort to marginalize the industry” publicly. Carter was referring to a deliberate attempt to de-bank the crypto industry — drawing parallels with Operation Chokepoint.
Operation Chokepoint was a program that began in 2013, bypassing laws and democratic due process — with specific “undesirable” industries “choked” by the banking system.
Carter and others believe Operation Chokepoint was resurrected this year to stifle the cryptocurrency industry.
In April 2022, Ripple CEO Brad Garlinghouse said regulators’ actions would only serve to drive technological innovation from U.S. shores. Garlinghouse was quoted as saying Ripple would “leave the United States entirely” should it lose the ongoing SEC lawsuit.
On March 22, Coinbase said it had received an SEC Wells Notice, informing them of pending enforcement action concerning its spot trading platform, Coinbase Earn, Coinbase Prime, and Coinbase Wallet.
Coinbase considers relocating
Fast forward to now, Armstrong spoke at FinTech Week, which is running between April 17 – 21 in London.
Addressing the audience, he said the company may consider relocating elsewhere due to the challenging U.S. environment — emphasizing that “anything is on the table.”
He added that the U.K. is Coinbase’s biggest revenue market after the U.S.
“The UK is our second-largest market in terms of revenue. We’re founded in the US, and I think the US has the potential to be an important market in crypto – but right now, we’re not seeing the regulatory clarity we need.”
However, he poured cold water on the idea of an imminent U.S. departure, saying this is only an option if U.S. regulatory clarity does not happen in “a number of years.”
Armstrong took time out from his FinTech Week duties to meet and advise U.K. lawmakers. The U.K. has declared its intentions to turn the country into a crypto hub.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.