Coinbase is actively seeking to expand its presence in various global markets and obtain additional licenses as it faces an ongoing legal battle with the Securities and Exchange Commission (SEC) in the United States.
In a recent blog post, the publicly traded cryptocurrency exchange identified Europe, Canada, Brazil, Singapore, and Australia as “near-term priority markets.” Coinbase is currently in the final stages of selecting the location for its “MiCA hub,” a reference to the European Union’s Markets in Crypto Assets regulation, which was passed in April.
These efforts are part of Coinbase’s second phase of its “Go Broad, Go Deep” strategy, initially unveiled in May 2022. They come amid the exchange’s ongoing legal dispute with the SEC, which has accused Coinbase of operating as an unregistered exchange—a claim the company has refuted.
In their Thursday blog post, Coinbase executives Nana Murugesan and Tom Duff Gordon noted that 83% of G20 countries and other major financial hubs have made progress toward providing regulatory clarity for cryptocurrencies, with the United States not currently among them.
Coinbase, as a public company in the U.S., believes in the potential of cryptocurrency innovation in the country. However, the company is committed to advancing the global financial system and expanding economic freedom and opportunity. Therefore, it will not hesitate to explore opportunities in other jurisdictions.
Coinbase is also seeking support from “forward-looking regulators” to introduce its products, such as its derivatives offering launched in Bermuda in May and its Web3 wallet, to different geographical regions.
In Canada, Coinbase is actively working to expand its presence by offering Canadian users access to Interac e-Transfers and promoting Coinbase One, a subscription service with no trading fees and enhanced staking rewards. Coinbase aims to become “super active” in the Canadian market.
Coinbase executives emphasized their dedication to working with governments around the world to provide trusted services and products that enhance the efficiency and accessibility of the financial system, particularly in the absence of comprehensive regulatory participation in the United States.
