Coinbase is reportedly exploring the possibility of establishing a cryptocurrency trading platform outside the United States, as part of its aggressive expansion strategy, according to Bloomberg.
While the location of the new platform is yet to be disclosed, Coinbase has been in discussions with institutional clients, investment firms, and market makers about the plan. The exchange already holds authorizations to operate in Italy, Germany, Ireland, and the Netherlands, and has a strong presence in several European countries.
Coinbase is believed to be seeking additional registrations and licenses in other major markets to comply with local regulations. The move to expand internationally has sparked speculation as to the motive behind the strategy. Some suggest that the exchange is looking to keep pace with its competitors, while others believe the move is due to regulatory scrutiny faced by crypto firms in the US, following the recent banking crisis.
Coinbase is also facing banking issues, with USD 240 million of corporate cash balances reportedly stuck with Signature Bank. Despite the regulatory pressure, the exchange has stated that its staking program will continue in communication with users. Earlier this month, Coinbase announced an update to its retail platform in Singapore, following a partnership with Standard Chartered Bank, enabling its customers to move funds to and from their accounts via local banks.
