CEO Brian Armstrong says Coinbase won’t relocate overseas.
The crypto exchange is interested in investing more in the UAE.
Coinbase stock is up close to 70% for the year at writing.
Coinbase Global Inc is in focus this morning after CEO Brian Armstrong confirmed that the crypto company was not considering leaving the United States.
Coinbase is not going to relocate overseas. We’re always going to have a U.S. presence.
Armstrong condemns SEC for being anti-crypto
Armstrong continued to criticise the Securities and Exchange Commission, though, for regulatory uncertainty that’s leaving the U.S. behind in the crypto space.
The SEC is a bit of an outlier here. There’s kind of a lone crusade, if you will, with Gary Gensler, the chair there, and he has taken a more anti-crypto view for some reason.
The crypto market news arrives only days after Coinbase Global reported its financial results for the first quarter that handily topped Street estimates.
Coinbase stock is up nearly 70% for the year at writing.
Coinbase Global Inc to invest more in the UAE
The U.S. Securities and Exchange Commission is yet to officially respond to his comments on Monday.
CEO Armstrong had first signalled the possibility of relocating last month, weeks after the crypto exchange received a “Wells Notice” from the SEC. On CNBC’s “Capital Connection”, he said today:
I don’t think [Gary Gensler] is trying to regulate the industry as much as curtail it. He’s created some lawsuits, and I think it’s quite unhelpful for the industry in the U.S. writ large.
The chief executive also confirmed that Coinbase was interested in investing more in the United Arab Emirates. He lauded European Union and the United Kingdom for welcoming legislations around cryptocurrencies as well.
As an enthusiast deeply immersed in the world of cryptocurrency and blockchain technology, my expertise spans various facets of the industry, from market trends to regulatory landscapes. I've actively followed and analyzed the developments in major crypto companies, including Coinbase Global Inc., and their interactions with regulatory bodies such as the U.S. Securities and Exchange Commission (SEC).
In the recent news surrounding Coinbase, CEO Brian Armstrong's commitment to maintaining a U.S. presence despite regulatory challenges demonstrates the company's dedication to navigating the evolving crypto landscape. I've closely monitored Armstrong's statements, including his condemnation of the SEC for its perceived anti-crypto stance, particularly under the leadership of Gary Gensler. This insight is not just based on news reports but extends to a comprehensive understanding of the regulatory dynamics and the potential impact on the crypto industry.
Moreover, I am well-versed in Coinbase's financial performance, evident in its impressive first-quarter results that surpassed Street estimates. The surge in Coinbase stock by close to 70% for the year further validates the company's resilience and strategic positioning in the market. This data-driven analysis underscores my ability to interpret and contextualize financial information within the broader crypto ecosystem.
One notable aspect highlighted in the news is Coinbase's interest in expanding its investment in the United Arab Emirates (UAE). Armstrong's acknowledgment of potential investments in the UAE, along with appreciation for the favorable legislative environments in the European Union and the United Kingdom, aligns with the broader trend of crypto companies seeking global opportunities amid regulatory uncertainties in the United States. My understanding extends beyond the surface-level news, incorporating a nuanced comprehension of the strategic considerations influencing Coinbase's international expansion.
In summary, my expertise combines in-depth knowledge of Coinbase's corporate strategies, market performance, and regulatory challenges, allowing me to provide a comprehensive analysis of the recent developments outlined in the provided article.
"Coinbase is not going to relocate overseas," Armstrong said. "We're always going to have a U.S. presence ... But the U.S. is a little bit behind right now."
Coinbase CEO says leaving US 'not even in the realm of possibility right now' — Report. Brian Armstrong has previously suggested Coinbase might abandon the U.S. for a more crypto-friendly country, but also said the exchange was “100% committed” to the local market.
When you use a linked bank account (ACH) to buy crypto or add cash to your account balance, the funds are placed on hold and won't be immediately available to send or cash out. Think of this like depositing a check to your bank account and having to wait for it to clear before you can remove the funds.
Coinbase International Exchange powers perpetual futures trading on Coinbase Advanced for non-US professional investors and advanced retail users in eligible countries.
Coinbase Global Inc. Chief Executive Officer Brian Armstrong said there is “no risk of bankruptcy” for the largest U.S. cryptocurrency exchange, even amid a “black swan” event.
If your Coinbase account has been shut down due to violations of the user agreement, your remaining balance must be withdrawn from your account. When you sign in, you'll be prompted to withdraw all funds from your account. Coinbase can no longer provide you with currency conversion services.
Because it is US-based, publicly-traded, and is on the cutting edge of crypto security solutions, Coinbase consistently ranks as the safest crypto exchange in the world. That's why it's trusted by more than 100 million crypto investors.
Before you can cash out your cryptocurrency, you need to sell it to your Coinbase cash balance. You can then either transfer ("cash out") the funds to your bank, or leave them in your cash balance for future crypto purchases. There's no limit on the amount of crypto you can sell for cash.
Here's everything you need to know about why they do it. Coinbase doesn't allow you to withdraw crypto to your wallet or send your cash out for a holding period of 7-10 days (this number could be longer or shorter). They enforce this holding when you fund your Coinbase account via a linked bank account (ACH).
Additionally, at the time of writing, the countries banned from using Coinbase include OFAC countries such as North Korea, Iran, Syria, Cuba, and Crimea. These countries have specific sanctions imposed by the Office of Foreign Assets Control (OFAC), restricting their access to certain financial services.
We also maintain licensure in nearly every US state. We continue to seek and obtain approval from international regulatory bodies to support platform growth and expansion. As a regulated financial institution, Coinbase must comply with the rules and regulations in the jurisdictions that it operates in.
Coinbase has excellent security measures to ensure its users' funds are safe. However, we recommend moving your crypto assets off any exchange into a self-custodial hardware wallet.
To cash out some or all of your local currency balance:
Access the Coinbase mobile app. Select My assets in the navigation bar and then choose Cash out. Enter the amount of currency you want to cash out or select Max to include your full balance. Select your bank account or PayPal and then Preview cash out.
Update as of November 20, 2023: We have completed the phased migration of Coinbase Pro customers to Coinbase Advanced. Starting on November 20, 2023, Coinbase Pro will no longer be supported on web and mobile, and customers will not be able to login.
Cryptocurrency is not legal tender and is not backed by the government. Coinbase is not an FDIC-insured bank and cryptocurrency is not insured or guaranteed by or subject to the protections of the Federal Deposit Insurance Corporation (“FDIC”) or Securities Investor Protection Corporation (“SIPC”), and may lose value.
On 14 November, Marszalek, the firm's CEO, assured users that the exchange was functioning as normal. On June 9, 2023, Crypto.com announced plans to shut down its institutional exchange in the United States by June 21, citing low demand from large financial institutions.
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