Coinbase, the leading cryptocurrency exchange in the US, is expanding its focus on international markets due to regulatory uncertainty at home, according to Tom Duff Gordon, the company’s vice president of international policy. In a recent interview, Gordon emphasized the importance of scaling internationally for Coinbase, as their CEO Brian Armstrong aims to bring a billion people into the crypto space to promote economic freedom. While the US market remains important, the company recognizes that it cannot achieve its ambitious vision solely within the country’s borders. This shift in strategy comes after Coinbase was sued by the US Securities and Exchange Commission (SEC) for operating as an unregistered securities exchange, broker, and clearing agency. Despite the regulatory challenges faced in the US, Coinbase has successfully registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain and obtained approval from the Bermuda Monetary Authority to offer perpetual digital asset futures to international investors.
In response to regulatory uncertainty in the US, Coinbase is focusing on expanding its presence in international markets, as stated by Tom Duff Gordon, the company’s vice president of international policy. Recognizing the limitations of a market with only 300 million people, Coinbase aims to onboard a billion people into the world of cryptocurrency, driven by the vision of their CEO Brian Armstrong. This “international first” mentality reflects the company’s belief that economic freedom through crypto cannot be achieved solely within the US. Coinbase’s efforts to expand beyond the US market have been successful, as demonstrated by their recent registrations as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain and their approval from the Bermuda Monetary Authority to offer perpetual digital asset futures to investors outside of the US.
Coinbase’s increased focus on international markets comes in the wake of a lawsuit filed by the SEC against the exchange, accusing it of operating as an unregistered securities exchange, broker, and clearing agency. To mitigate the regulatory challenges faced in the US, Coinbase is seeking clarity from regulators while actively pursuing opportunities abroad. By registering with the Bank of Spain and obtaining approval from the Bermuda Monetary Authority, the company has taken steps to expand its services internationally. Despite the regulatory uncertainty in its home market, Coinbase remains committed to its mission of bringing economic freedom through cryptocurrency and is now prioritizing international expansion to achieve this goal.
