The US’s largest cryptocurrency exchange, Coinbase is looking to build a new crypto trading platform as part of attempts to evade regulatory scrutiny by the US financial watchdog.
This was reported by Bloomberg on March 17, and according to the report, the exchange executives are currently in talks with institutional clients regarding the move.
The new crypto exchange, if finally built, will be located outside the United States and as of press time, the exact country to situate the exchange is not yet known.
Since the collapse of a leading cryptocurrency exchange FTX, there has been more scrutiny of crypto firms, Paxos, the issuer of Binance USD stablecoin, and Kraken exchange, amongst others are victims of tightened actions of regulators.
Like Coinbase, there are other crypto-related firms looking to set up in other jurisdictions by seeking new banking partners outside the United States, for instance, Switzerland-based Sygnum and Bank Frick in Lichtenstein both disclosed that they have more requests from offshore companies about opening accounts with them, most of the firms are said to be US-based companies.
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