According to the reports, cryptocurrency exchange Coinbase is about to launch a new platform as part of its aggressive expansion outside the United States.
Coinbase Opens New Exchange Outside Of The US
As reported by Bloomberg, the company has been in discussions with various international clients and investment firms. The main topic of the discussions was creating a new exchange out of the US. The nature and location of Coinbase’s international operations are not yet known. However, the UK, Ireland, Germany, Spain, Italy, France, the Netherlands, and Switzerland are all active participants in the exchange.
Now it seems that Coinbase is looking to international markets to spur growth amid concerns that the U.S. crypto business could soon be hit hard. There were also some banking problems after it was revealed that about $240 million of the company’s cash was stuck at New York’s Signature Bank for loans after New York authorities abruptly shut down the bank.
Coinbase may rush abroad to compete with peers that are rapidly gaining momentum outside the United States. Despite being the largest US cryptocurrency exchange, Coinbase faces stiff competition from players like Binance. In addition to the US license, the US crypto giant also holds grants from Germany, the UK Financial Conduct Authority, Italy, the Netherlands and Ireland. Additional registration or license applications are processed in accordance with local laws in many major markets.
Сoinbase updated its Singapore retail platform earlier this month. This move was made in order to reflect a new strategic banking partnership with Standard Chartered, allowing customers to transfer funds to and from their accounts via their local bank’s instructions. Сoinbase customers in Singapore can now easily withdraw funds to and from exchange accounts via free wire transfers.
Previously forced to use debit or credit cards to transact with this exchange, this move will give users more flexibility in managing their assets. In particular, Сoinbase has recently taken ongoing steps to align with US government regulations, including the delisting of the BUSD stablecoin and the constant battle over appropriate legal restrictions on the staking product segment.
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