Coinbase, one of the leading US-based cryptocurrency exchanges, has announced its second phase international expansion plans, targeting the EU, UK, Australia, Brazil, Canada, and Singapore. In a blog announcement, the exchange said that the priority is to acquire licenses in the highlighted countries and regions, which have displayed increased regulatory clarity for the crypto sector.
According to a senior Coinbase exec, the push for international expansion is part of the exchange’s plans to operationalize a strategy based on regulation, innovation, and user trust. It was noted that 83% of G20 members and top tier financial jurisdictions are moving forward with clear rules for crypto, while the US lags behind.
The crypto company will also expand its products and services, including derivatives, and is looking to strike new partnerships with banks and payment providers to help expand access to on- and off-ramps. In June, the US Securities and Exchange Commission (SEC) sued Coinbase, alleging that the company was operating an unregistered broker, to which Coinbase has vowed to vigorously defend itself against the SEC.
Nevertheless, Coinbase is currently finalizing its selection of where to locate its MiCA hub within the EU, as well as seeking regulatory approval and instituting compliance with the Travel Rule (where applicable).