Against a backdrop of increasingly stringent regulations and a challenging banking environment for national cryptocurrency companies, Coinbase is planning to launch a new cryptocurrency trading platform outside of the United States.
Reports from Bloomberg indicate that Coinbase Global has already begun initial discussions with international market makers about the possibility of establishing a new platform for trading digital assets overseas.
Initially, the new platform is expected to focus on serving customers from around the world, in an effort to sidestep the numerous restrictions that have been placed on the exchange’s primary market in the United States.
While the location for the new platform and the exchange’s potential new headquarters have yet to be finalized, several countries including the UK, Ireland, Germany, Spain, Italy, France, the Netherlands and Switzerland are being considered as potential options.
Despite its efforts to demonstrate loyalty, Coinbase has faced significant challenges in its relationship with US regulators.
According to experts, the exchange’s difficulties are largely due to negative attitudes towards the cryptocurrency industry among government bodies, rather than any specific actions taken by Coinbase.
In mid-March, founder of GradyLaw Tom Grady claimed on FOX Business that Coinbase was facing numerous investigations and lawsuits from the government over possible violations of state and federal securities laws.
Additionally, Coinbase recently submitted a private opinion to the court in the case of Nakhil Wahi and Ishan Wahi, who were accused by the US Securities and Exchange Commission (SEC) of insider trading in securities.
Coinbase denies any wrongdoing and is demanding a reconsideration of the court’s decision.