Coinbase CEO: We're Not Leaving the US, Despite Crypto Regulations
Coinbase CEO, Brian Armstrong, confirms the company won't leave the US despite crypto regulatory challenges.
Brian Armstrong, Coinbase CEO, has denied rumors about the company leaving the United States. Despite the challenging crypto regulations in the US, Coinbase, the country's biggest cryptocurrency exchange, will stay and continue its operations there. Many investors were worried about the company possibly leaving due to strict rules around cryptocurrency.
The US is a big source of revenue for Coinbase, with the company earning $2.7 billion last year. Armstrong confirmed that the idea of leaving the US is not under consideration, even with the tough regulations. He stressed there is no plan to move Coinbase's headquarters from the country. Armstrong said, “We’re staying in the United States.”
A few months ago, Armstrong hinted at the possibility of relocating to places with better regulations for cryptocurrency. This, along with Coinbase getting a license in Bermuda and rumors of delisting certain cryptocurrencies like Cardano (ADA), made people speculate about relocation.
However, Armstrong clarified these steps are part of Coinbase’s plans for global growth, not a backup plan in case they need to leave the US. The licenses obtained are meant to help expand the business globally.
Finally, a lawsuit filed by the SEC against Coinbase is ongoing. The result could greatly impact the US crypto market and its institutions. But for now, Coinbase and its CEO stand firm in their commitment to stay in the United States.
