Cryptocurrency exchange Coinbase is reportedly planning to set up a crypto trading platform outside the United States, where it is currently headquartered.
According to a March 17 Bloomberg report, Coinbase is discussing setting up a non-US platform with some institutional clients. The reported move comes amid a slew of US lawmakers and regulators targeting crypto companies for their perceived roles in the failures of Silvergate Bank, Silicon Valley Bank, and Signature Bank.
US regulators including the Securities and Exchange Commission have cracked down on certain crypto companies in recent months, including Kraken for US staking services. Coinbase issued a notice to users in March that the staking program would continue despite the crackdown and “may increase.”
America likes its stock. Here’s why we need to stay staking–blockchain accountants–in the US pic.twitter.com/hPeM99LI3e
— Coinbase (@coinbase) March 16, 2023
related: The crypto industry has ‘already started’ to move outside the US, says Ripple’s CEO
The new Coinbase venture will reportedly serve global clients, but does not yet have a confirmed location. Cointelegraph reached out to Coinbase, but did not receive a response at the time of publication.