Coinbase to Remain in the US Market: CEO Confirms
- Coinbase CEO Brian Armstrong said that his crypto exchange will not quit the US market.
- During a fintech event in April, he said that his exchange is considering relocating its headquarters to London.
- He said that leaving the US was “not even in the realm of possibility right now,” and there was no “break glass plan.”
- The exchange has also filed a motion to get the lawsuit filed by the SEC dismissed in court.
The CEO of Coinbase, the largest crypto exchange in the United States, Brian Armstrong, has confirmed that his company will remain committed to the American market after recently giving mixed signals about his plans for the company in the US. Additionally, the regulatory certainty in the crypto sector in the US has pushed many firms outside the nation over the past few months.
In an interview with the Financial Times earlier this week, on August 4, the Coinbase founder stated that his crypto exchange was “staying in the United States,” although other companies plan to leave or have already ended operations in the region due to regulatory lawsuits looming over crypto offerings in the region.
The United States Securities and Exchange Commission (SEC) has sued multiple crypto firms in the past few months, including the world’s largest crypto exchange, Binance, and Armstrong’s Coinbase. As reported earlier by Bitnation, the regulator claims that both crypto exchanges operated as unregistered securities trading platforms in the US without the SEC’s consent.
Further, the Chief Legal Officer at Coinbase, Paul Grewal, stated in an August 3 earnings call for the second quarter of 2023 that his company has filed a motion to dismiss the lawsuit filed by the SEC and believes that the exchange will win the court’s approval. “With respect to the litigation with the SEC, I want to be very clear. We do think we can win. We expect to win,” he noted.
The Coinbase CEO stated in the interview that leaving the US was “not even in the realm of possibility right now,” and there was no “break glass plan”—likely referring to what the exchange would do in the event of an emergency.
However, back in April, during a fintech event in London, Armstrong said that his crypto exchange might consider moving its headquarters to the United Kingdom because of the ‘regulation by enforcement’ policy of the SEC.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
