According to reports, the largest US crypto exchange platform is developing an overseas trading platform as a response to a crackdown on crypto assets.
A new study has shown that a majority of respondents are satisfied with the results. report Bloomberg reports that Coinbase is considering whether to open a foreign trading site as US regulators tighten their grip on the crypto industry.
Sources claim that Coinbase is in discussions with global customers about the possibility to set up an alternative trading platform that would not be tied into its main marketplace for institutional clients.
The exchange giant’s potential expansion comes at a tumultuous time, as lawmakers set their sights on the industry due to numerous high-profile incidents last year, such as the multibillion-dollar downfalls of Terra and FTX.
Many crypto-friendly banks such as Silvergate Bank and Signature Bank were forced to surrender control to the Federal Deposit Insurance Corporation earlier in the year, after they ran into financial difficulties.
Though a spokesperson for Coinbase declined to comment specifically, the company did tell Bloomberg it meets “with government officials in high-bar regulatory jurisdictions” in its quest to increase global crypto adoption.
Coinbase CEO Brian Armstrong recently told Bloomberg that the firm is “embracing decentralization,” diversifying its revenue streams, and calling for more regulatory clarity for digital assets in the US.
Coinbase announced a new initiative last month to create a strong cryptocurrency advocacy community that would engage US regulators.
“If you love crypto and believe in the potential of web3, it’s more important than ever to advocate for pro-crypto policy in the U.S. Policymakers in Washington DC and state capitals across the US are making decisions about the future of crypto.
Your choices will impact how, when and where you can buy, sell, or build crypto. We need to make sure they get it right, and that means making your voice heard.”
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