• Coinbase is reportedly considering setting up a non-U.S. crypto trading platform to expand its services globally.
• This comes as U.S. regulators are increasing their actions against the crypto sector in the wake of FTX’s collapse and the shutdown of three crypto-friendly banks.
• Coinbase is not alone in its considerations, as other U.S.-based firms are also looking for new banking partners outside the United States.
Coinbase Weighs Setting Up Non-U.S Trading Platform
U.S.-based cryptocurrency exchange Coinbase is reportedly exploring the possibility of launching a crypto-trading platform overseas to expand its services internationally.
Regulatory Action Against Crypto Sector Intensifying
This move comes amid an accelerated effort by U.S regulators to crack down on the crypto sector following November’s collapse of crypto exchange FTX and the subsequent shutting down of three crypto-friendly banks: Silvergate Bank, Signature Bank and Silicon Valley Bank.
Other Crypto Firms Looking For New Banking Partners
Coinbase is not alone in this consideration, as other American cryptocurrency companies are also searching for new banking partners outside of the United States.
Coinbase Discussing Plans With Institutional Clients
The company has been discussing these plans with institutional clients but has yet to decide on a specific location for such a trading platform.
Coinbase Aims To Increase Global Crypto Adoption
A spokesperson for Coinbase told CoinDesk that it aims to increase global adoption of cryptocurrencies and is “meeting with government officials in high-bar regulatory jurisdictions.”