Coinbase Eyes UK and Europe Market amid Heightened US Crypto Regulatory Scrutiny
Coinbase Global shares have gained more than 91 percent YTD to trade around $69.72 on Tuesday amid Bitcoin’s 2023 pump.
Coinbase Global Inc (NASDAQ: COIN) was served a Wells notice from the US Securities and Exchange Commission (SEC) for an undefined portion of its listed digital assets, Coinbase Earn, Coinbase Prime, and Coinbase Wallet. With several other top centralized exchanges including Bittrex and Binance under the SEC’s radar, Coinbase Global has begun exploring global options, particularly in the United Kingdom and the European market.
Coinbase Explore Operations Outside US
According to a series of tweets by Coinbase Global CEO Brian Armstrong, a meeting with the United Kingdom’s Economic Secretary and City Minister Andrew Griffith reassured the crypto market of sensible regulations to drive consumer protection and economic growth. As a result, Armstrong stated that the exchange is excited to keep investing in the United Kingdom’s crypto market.
“In short, things are happening in Europe that are edging the region ahead and, when it comes to embracing the digital economy, the region is preparing for a seismic change in how it uses and thinks about money,” Coinbase wrote in a blog post.
Nevertheless, Armstrong disapproved of the actions by some United Kingdom banks to block fiat payments to crypto companies. The crypto executive insisted banking institutions in the United Kingdom should only focus on proper fraud control but not a blanket ban on all transactions. Moreover, such deeds hinder the real case utility that Armstrong and the rest of the crypto community are advocating for.
The United Kingdom’s Prime Minister Rishi Sunak has previously announced that the country is open to emerging technologies including blockchain and the cryptocurrency industry. As a result, a study has shown that about 22 percent of the United Kingdom’s adults currently own cryptocurrency. Interestingly, Coinbase research shows that about 28 percent of the United Kingdom’s adult population is likely to purchase crypto assets in the next 12 months.
Notably, Coinbase Global is banking on a report that found that 84 percent of the United Kingdom’s adults believe the global financial system unfairly favors powerful interests. Interestingly, a whopping 65 percent of the United Kingdom’s adults agree that the financial system requires significant changes for inclusivity.
The exchange has also been exploring market options in African nations, where adoption is growing fast to hedge against inflation.
If you’re using crypto in Africa, reply with a short video (<30 seconds) or photo of how you’re using it. Best few examples get $100 in crypto. Use hashtag #CryptoAfrica 🌍
And if you haven’t already, try out self-custodial Coinbase Wallet – send feedback https://t.co/zWvaH1nerF
— Brian Armstrong (@brian_armstrong) April 7, 2023
Market Outlook
Coinbase Global shares have gained more than 91 percent YTD to trade around $69.72 on Tuesday amid Bitcoin’s 2023 pump. According to aggregate data provided by Coinglass, Coinbase Global has a BTC balance of approximately 484,486 Bitcoins. With a market capitalization of approximately $16.19 billion, Coinbase Global is well-positioned to explore global markets amid mainstream adoption.
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