Coinbase to Expand to Singapore as US SEC Denies Answerability

Crypto exchange Coinbase is looking into relocating to Singapore as the United States Securities and Exchange Commission rejects the company’s requests for regulatory clarity.

The US SEC recently asked the judge to deny Coinbase’s bid to coerce the agency to answer Coinbase’s rulemaking petition. The petition was submitted last year asking for clarity on how securities laws applied to cryptocurrency.

Last month, Coinbase filed a lawsuit against SEC asserting that the agency was neither quick nor logical in offering a response to its petition. Moreover, the exchange is looking for an official notice-and-comment procedure that would enable the public to participate.

Coinbase CEO Brian Armstrong is considering migrating offshore owing to a lack of clarity on crypto mandates in the United States. The firm is exploring options in the Bahamas, The United Arab Emirates, and Europe as suggested locations for its headquarters.

Since the firm is experiencing trouble, it is now looking towards powering its global expansion strategy as an answer to the crypto crackdown by regulatory officials in the United States. The firm recently introduced Coinbase International Exchange in the Bahamas to roll out derivatives trading and is also exploring UAE as a possible strategic center.

Coinbase has already secured a digital payment token services license from Singapore central bank last year in October. The approval would allow Coinbase to offer payment services to Singapore users. Ever since the approval, the exchange has been rolling out several products and services for its Singapore users.

The firm also conducted a survey recently to asses the constructive stance of policymakers towards crypto and Web3 in Singapore. The survey disclosed that almost 25% of Singaporeans consider crypto as the future of finance. The study also showed that people with high incomes were more likely to engage in trading in the virtual space.

Along with the results from the survey, the firm also announced USDC updates. The firm introduced no-fee USDC purchases with Singapore dollar (SGD), rewards for holding USDC on the platform, and making USDC order books available on advanced trading.

Recently in March, Coinbase announced free bank transfers and Singpass integration to make it convenient for clients in Singapore to enter the platform. The exchange also revamped its Help Centre and Coinbase Learning to look into queries and educate about the crypto economy, which will allow users to avail more than 200 crypto assets for trading.

Coinbase has also formed a strategic banking collaboration with Standard Chartered and allows Singapore citizens to exchange money to and from their accounts using any Singaporean bank for free.