Coinbase is focusing on regulated markets beyond the United States. In a blog post, the company acknowledged the challenges posed by stringent US regulations, which have prompted an exodus of investors and creators from the American market.
Nana Murugesan and Tom Duff Gordon, Coinbase’s Vice Presidents for International Business and International Policy, revealed that their expansion strategy prioritizes several key markets. These include Canada, the United Kingdom, Australia, Brazil, Singapore, and the European Union, all of which are making strides toward establishing clear regulations for digital assets, in contrast to the ongoing uncertainty in the United States.
Coinbase’s expansion plan, dubbed “Go broad, Go deep,” involves obtaining licenses, registrations, and launching new operations in the aforementioned jurisdictions. The company is also in the final stages of selecting a hub in Europe, in accordance with the regulatory framework established on the continent.
The exchange aims to collaborate with “forward-thinking regulators” to introduce products such as the International Exchange, overseen by the Bermuda Monetary Authority, and Coinbase Wallet, designed to enhance the safety and versatility of web3 on a global scale. Coinbase also plans to partner with banks and payment service providers to streamline transactions and enhance its derivatives market.
The blog post notes the increasing perception of US regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as “hostile” toward digital asset firms due to various lawsuits and regulatory actions. Notably, the SEC has filed lawsuits against both Coinbase and Binance this year, alleging the offering of unregistered securities, a claim that Coinbase vehemently disputes.
