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Crypto exchange ‘Coinbase’ reportedly setting a branch outside US to avoid regulatory crackdown

The American cryptocurrency exchange is planning to set up a branch outside the US due to the growing anti-crypto sentiments in the government after the collapse of Silicon Valley Bank.

India TV Business Desk Edited By: India TV Business Desk New Delhi Published on: March 20, 2023 9:47 IST
Crypto exchange ‘Coinbase’
Image Source : FREEPIK Crypto exchange ‘Coinbase’ reportedly setting a branch outside US to avoid regulatory crackdown

Coinbase is allegedly investigating the potential of establishing a trading site outside of the US. To accomplish this, the exchange is seeking to collaborate with well-known figures in the sector. The story claims that the new site would be for institutional buyers who reside outside the United States.

Reports claim that Coinbase spoke with some of its institutional customers about establishing the non-U.S. platform. The move was reportedly made at a time when many American legislators and regulators were criticising cryptocurrency companies for what they saw as their part in the bankruptcy of Silvergate Bank, Silicon Valley Bank, and Signature Bank.

Recently, certain cryptocurrency firms have come under fire from American authorities, including the Securities and Exchange Commission, including Kraken for its US staking services. In March, Coinbase informed users that its staking program would carry on in defiance of the ban and "may even increase."

This new move highlights Coinbase's efforts to expand into other promising international marketplaces. One of the markets that has embraced possibilities in the blockchain and cryptocurrency sector is Singapore. Regulatory approval is one of the reasons the Asian nation is one of Coinbase's top foreign objectives. Through in-principle permission, Coinbase is now permitted to provide controlled Digital Payment Token (DPT) services. The authorization was provided by the Monetary Authority of Singapore (MAS).

Major cryptocurrencies are trading as follows as of 9 am IST, 20th March 2023:

Bitcoin: $27,373 USD


Ethereum: $1.758 USD

Tether: $1.00 USD

USD Coin: $1.00 USD

BNB: $334.97 USD

XRP: $0.3853 USD

Dogecoin: $0.07439 USD

Cardano: $0.3406 USD

Polygon: $1.14 USD

Polkadot: $6.36 USD

Tron: $0.06647 USD

Litecoin: $81.81 USD

Shibu Inu: $0.00001073

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