Coinbase CEO Brian Armstrong has refuted the rumors of the possibility of the exchange exiting the United States market for a more crypto-friendly country.
Coinbase CEO Rebuts Relocation Claims
Chief Executive Officer of Coinbase, Brian Armstrong, has shown his unwavering commitment to the US local market after confirming that the exchange, renowned as the US largest cryptocurrency exchange, will not be leaving the United States despite regulatory uncertainties in the country currently.
Armstrong’s assurance comes in the midst of crypto investors growing anxieties regarding the stifling crypto regulatory conditions in the US. While numerous crypto exchange companies have left US local markets for more crypto-friendly international markets, Coinbase reaffirms the company’s dedication to continue serving American customers and providing cryptocurrency services in the US.
Currently, the US market holds Coinbase’s significant revenue, amassing up to $2.7 billion in the previous year. Armstrong has stated that the company had never given thought to the possibility of permanently leaving the US. He also mentioned that despite the pressure of regulatory conditions, there is no contingency plan to push its headquarters out of the United States.
The Coinbase CEO reportedly commented, “It’s not even in the realm of possibility right now. There is no break-glass plan. We’re staying in the United States.”
COIN stock price drops to $86.30 | Source: Coinbase Global, Inc. on Tradingview.com
CEO Displays Mixed Signals With SEC Lawsuit
Although Armstrong strongly refuted the possibility of moving out of the US; a few months ago, he subtly hinted at options of moving to markets with better crypto regulatory conditions to ensure Coinbase’s future, stating that “anything was on the table” when it came to the exchange’s future plans.
The statement sparked discussions about the crypto exchanges’ possible relocation plans and the rumors of Coinbase contemplating relocation to other countries gained even more momentum after the crypto exchange hinted at delisting major cryptocurrencies like Cardano (ADA) and speculations also rose about Coinbase’s intentions after securing a license in Bermuda.
However, Armstrong reassured investors and the US crypto markets, explaining that the licenses were acquired to increase the exchange’s adoption and expansion plans. The CEO has now openly denied any plans to exit the US in an interview with the Financial Times.
“Those licenses we’re acquiring internationally are not contingency plans; they’re international expansion plans,” Armstrong explained.
Previously on June 6, the SEC filed a lawsuit against Coinbase, and the exchange’s legal team responded with a motion to dismiss the lawsuit. According to reports, the outcome and conclusion of the SEC case would have a significant impact on the crypto market as a whole as well as crypto operating institutions in the US.
Featured image from ATM Marketplace, chart from Tradingview.com
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