The SECGov’s latest enforcement actions against Binance and Coinbase could serve to drive crypto firms out of the U.S. HeleneBraunn reports
could be a net positive for companies operating in the U.S, given the regulatory clarity they could help bring in the long run. In the short to medium term, however, these actions could force these firms to focus their efforts elsewhere.
Coinbase recently announced it received a license to offer its services in Bermuda, where it reportedly plans tooutside of the U.S. The exchange is also doubling down on its operations in Canada, which has tightened its regulations for crypto firms but allowed Coinbase to sign an enhanced Pre-Registration Undertaking, signaling its intent to comply with the coming new regulatory framework.
Ben Caselin, Vice President & Chief Strategy Officer at centralized crypto exchange MaskEX, agreed. “All eyes are now set on other jurisdictions,” he said. “This is not the best time for crypto startups in the U.S. Larger players such as Coinbase are able and should engage the regulator to come to solutions, but entrepreneurs and small businesses in crypto are probably better off in other jurisdictions.
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