Coinbase CEO dismisses speculation that exchange plans to relocate from US Coinbase CEO dismisses speculation that exchange plans to relocate from US
Armstrong stated that even though the US is falling behind in crypto regulations, Coinbase will always have a "US presence."
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Updated: Jul. 13, 2023 at 1:34 pm UTC
TechCrunch / CC BY 2.0 / Wikimedia. Remixed by CryptoSlate
US-based exchange Coinbase’s CEO Brian Armstrong denied the suggestions that the exchange might carry its headquarters overseas to escape the U.S. Securities and Exchange Commission’s (SEC) interference, as reported by CNBC.
Armstrong criticized the US for falling behind in crypto regulations but stated that Coinbase would remain in the US, Armstrong said in an interview with CNBC in Dubai.
โCoinbase is not going to relocate overseas. Weโre always going to have a U.S. presence …”
Moving overseas
The crypto community assumed that Coinbase was considering moving its headquarters to United Arab Emirates (UAE) after Coinbase’s VP of International and Business Development, Nana Murugesan stated the country had the potential to be a strategic hub for the exchange.
Murugesan shared his opinions on the UAE’s potential on May 8 without actually stating the expansion would be carrying headquarters. However, this came soon after Coinbase started having regulatory problems with the SEC, which led the community to think the exchange might relocate to avoid the legal confrontation.
The SEC issued a Wells notice to Coinbase on March 22, indicating that the SEC decided to imply enforcement action against the exchange. On April 24, Coinbase responded by filing a lawsuit to SEC, asking for clarification on crypto regulations.
US is falling behind
While denying relocation, Armstrong commented on the SEC’s recent attitude towards crypto and said that SEC’s negative tone might indicate that the SEC is not trying to regulate crypto but curtail it.
“The SEC is a bit of an outlier here. Thereโs kind of a lone crusade, if you will, with Gary Gensler, the chair there, and he has taken a more anti-crypto view for some reason.”
Armstrong said the lawsuits the SEC has been filing are “quite unhelpful” for the crypto industry in the US but an opportunity to get some regulatory clarity from the courts.
Comparing the US regulatory landscape to other countries, Armstrong stated:
“The U.S. is a little bit behind right now.
I would say weโre seeing more thoughtful approaches; for instance, in the EU, theyโve actually already passed comprehensive crypto legislation, the U.K. has been incredibly welcoming, and for us there, and thatโs been a hub where weโve decided to serve the U.K. market.โ
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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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.