Coinbase expands overseas amidst US regulatory pressure. The Bermuda Monetary Authority has granted the exchange a business license to deal in digital assets.
- Amidst Coinbase regulatory pressure, the exchange continues to expand.
- It has received its digital asset business license from the Bermuda Monetary Authority.
The Bermuda Monetary Authority has granted Coinbase, the second-largest cryptocurrency exchange in the world, a license to conduct business in digital assets. Bermuda Premier David Burt tweeted.
In a series of tweets, Coinbase revealed that this is the massive exchange’s most recent effort to diversify its market and increase its footprint.
Coinbase has grown outside of the Bahamas in Abu Dhabi, Canada, Brazil, and Singapore. The company said in a post that it is more than halfway through an eight-week international expansion push. It declared that its strategy would be consistent with its strategy in the US globally.
As U.S. officials press down on the cryptocurrency industry, these growth initiatives reveal the company’s aim to broaden its international customer base.
Brian Armstrong, the CEO of Coinbase, has argued forcefully for the creation of crypto regulatory standards while criticizing American regulators for enforcing their regulations.
“Regulators should come up with the rules, tell everybody the rules, and we follow them. The current laws are not clear, and we would like to get more clarity.”Brian Armstrong
Other users have also expressed disapproval of the US governments handling of crypto exchange regulations. A user Jebus.eth recently tweeted
In the midst of a regulatory disagreement with the government, Coinbase is willing to leave the United States. A change in the attitude of that size might have an effect on the areas where the technology of the future is being developed and the future prospects of the global venture market.
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Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.