The reported move came amid many U.S. lawmakers and regulators taking aim at crypto firms for their perceived role in the failure of three major banks.
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 discussed setting up the non-U.S. platform with some of its institutional clients. The reported move came amid many U.S. lawmakers and regulators taking aim at crypto firms for their perceived role in the failure of Silvergate Bank, Silicon Valley Bank, and Signature Bank.
U.S. regulators, including the Securities and Exchange Commission, have been cracking down on certain crypto companies in recent months, including Kraken for its U.S. staking services. Coinbase issued a notice to users in March that its staking program would continue despite the crackdown and “may actually increase.”
Americans love their stake. Here’s why we need to keep staking–the accountant of the blockchain–in the U.S. pic.twitter.com/hPeM99LI3e
— Coinbase (@coinbase) March 16, 2023
Related: The crypto industry has ‘already started’ moving outside US, says Ripple CEO
The new Coinbase venture would reportedly service 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.