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Coinbase Is Weighing Setting Up Non-U.S. Trading Platform: Bloomberg
The search comes as the U.S. accelerates actions against the crypto sector in the wake of FTX’s collapse and the shutdown of three crypto-friendly banks.
By Helene Braun
Updated May 9, 2023, 4:10 a.m. Published Mar 17, 2023, 4:28 p.m.
U.S.-based crypto exchange Coinbase is considering setting up a crypto-trading platform overseas and is discussing the move with institutional clients, Bloomberg reported, citing people familiar with the plans.
A decision hasn’t been taken on the location for such a trading platform, which comes as U.S. regulators are cracking down on crypto, Bloomberg said.
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Regulatory action against the sector intensified after November’s collapse of crypto exchange FTX. The recent shutdown of Silvergate Bank, Signature Bank and Silicon Valley Bank, which were all in some way tied to crypto, alerted lawmakers even more.
Coinbase isn’t alone. Several other U.S. crypto firms are looking to find new banking partners in other jurisdictions. Sygnum in Switzerland and Bank Frick in Lichtenstein told CoinDesk they’ve received an increasing number of requests to open accounts from offshore companies, including those based in the U.S.
A spokesperson for Coinbase told CoinDesk that as the exchange is looking to increase global crypto adoption, it assesses geographic options and is meeting “with government officials in high-bar regulatory jurisdictions.”
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