Top US-based cryptocurrency exchange, Coinbase, is eyeing the United Kingdom as regulatory uncertainty looms at home.
During his visit to the UK for UK FinTech Week 2023, Coinbase CEO Brian Armstrong met with Andrew Griffith, the UK’s economic secretary to the Treasury. In a blog post, Coinbase noted that the UK is one of its fastest-growing user markets. However, Armstrong raised concerns during his meeting with Griffith about UK banks blocking fiat payments to crypto companies and the Financial Promotion regime going too far with a 24-hour ‘cooling off’ period for crypto trades.
Armstrong believes that good fraud controls make sense but a blanket ban does not, and the Financial Promotion regime harms real-world use cases, the formation of capital markets, and consumers.
Last month, the US Securities and Exchange Commission sent a Wells Notice to Coinbase, recommending filing an enforcement action against the crypto exchange for allegedly violating securities laws. Real Vision CEO Raoul Pal believes that the US’s loss could be the UK’s gain. As Coinbase sets its sights on the UK, the country could emerge as a crypto hub as regulatory uncertainty continues in the US.
