Coinbase is ramping up global efforts with ‘forward-looking regulators’
The crypto exchange labels Europe, Canada, Brazil, Singapore and Australia as “near-term priority markets”
ASDF_MEDIA/Shutterstock modified by Blockworks
Coinbase looks to acquire more licenses and bolster operations in various global markets as its legal battle in the US with the Securities and Exchange Commission trudges on.
The publicly traded crypto exchange labeled Europe, Canada, Brazil, Singapore and Australia as “near-term priority markets,” in a Thursday blog post.
It is in the final stages choosing the location of its “MiCA hub,” the company notes — a reference to the European Union’s Markets in Crypto Assets regulation passed in April.
The efforts are part of the second phase of Coinbase’s so-called Go Broad, Go Deep strategy first revealed in May 2022. They continue amid the company’s back-and-forth with an SEC that sued it for allegedly operating as an unregistered exchange — charges the company has denied.
Of G20 countries and other “major financial hubs,” 83% have made progress toward regulatory clarity for crypto, Coinbase executives Nana Murugesan, Tom Duff Gordon wrote in the Thursday post. The US is not among them.
“Coinbase is a public company in the US because we believe the US would best be served by embracing this fundamental innovation,” they added. “However, we’re committed to helping to update the global financial system and providing more economic freedom and opportunity, and won’t stand idle just because the US is.”
The company also seeks support from “forward-looking regulators” to expand products — such as its derivatives offering launched in Bermuda in May, and its Web3 wallet — to different geographies.
Coinbase executives told Blockworks last month it intends to become “super active” in Canada. It is offering its Canadian users access to Interac e-Transfers, as well as 30 days of free access to Coinbase One — a subscription with no trading fees and enhanced staking rewards that launched in 35 countries in May.
“In the absence of US participation, we’ll continue our efforts with other governments to work within their rules to offer the most trusted services and products that make our financial system more efficient and accessible,” Murugesan and Gordon said.
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