Coinbase is considering setting up a crypto-trading platform overseas and is discussing the move with institutional clients. HeleneBraunn reports.
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. Regulatory action against the sector intensified after November’s collapse of crypto exchange FTX. The recent shutdown of Silvergate Bank,Coinbase isn’t alone. Several other U.S. crypto firms. Sygnum in Switzerland and Bank Frick in Lichtenstein told CoinDesk that 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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