Cryptocurrency exchange Coinbase plans to create a cryptocurrency trading platform outside of the United States, where it is based.
According to a Bloomberg report on March 17, Coinbase discussed creating the platform outside of the US with some of its institutional clients. The move came amid many US lawmakers and regulators targeting crypto companies for their role in the failures of Silvergate Bank, Silicon Valley Bank and Signature Bank.
US regulators, including the Securities and Exchange Commission, have cracked down on certain cryptocurrency companies in recent months, including Kraken for their US staking services. Coinbase issued a notice to users in March that its staking program would continue despite the crackdown and “may actually increase.”
Americans love their stake. Here’s why we need to keep staking–the accountant of the blockchain–in the US pic.twitter.com/hPeM99LI3e
—Coinbase (@coinbase) March 16, 2023
Americans love their participation. Here we explain why it is necessary to keep staking -the blockchain counter- in the United States
The new Coinbase initiative would reportedly service global clients, but does not yet have a confirmed location. Cointelegraph reached out to Coinbase but did not hear back at press time.
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