Cryptocurrency exchange Coinbase is reportedly planning to set up a cryptocurrency trading platform outside the United States, where it is currently headquartered.
According to a Bloomberg report on March 17, Coinbase has discussed setting up the platform outside the United States with some institutional clients. The move comes as many U.S. lawmakers and regulators are scrutinizing the cryptocurrency industry amid the collapses of Silvergate Bank, Silicon Valley Bank and Signature Bank.
U.S. regulators, including the Securities and Exchange Commission (SEC), have cracked down on certain cryptocurrency companies, including Kraken, for offering staking services in the U.S. in recent months. Coinbase informed users in March that the company’s staking program would continue and “may actually increase.”
Coinbase’s new venture will reportedly serve a global clientele, though it’s not yet clear where it will be based. Cointelegraph reached out to Coinbase but did not receive a response at the time of publication.
