Coinbase CEO Brian Armstrong has said the exchange is “considering” moving its headquarters to the UK if the regulatory situation in the US does not improve.
war on crypto
US regulators have had a frosty relationship with cryptocurrency companies since at least 2020.
However, the frequency of enforcement actions will increase in 2023, leading many to believe that US authorities are secretly waging a war on cryptocurrencies.
Nic Carter, a partner at Castle Island Ventures, was the first to speak publicly about “a well-coordinated effort to undervalue the industry.” Carter was referring to a deliberate attempt to separate the crypto industry from banks — drawing parallels to Operation Chokepoint.
Operation Chokepoint is a program that began in 2013 to circumvent the law and democratic due process to “chop” certain “undesirable” industries by the banking system.
Carter and others believe Operation Chokepoint has been revived this year to suppress the cryptocurrency industry.
April 2022, Ripple CEO Brad Garlinghouse Garlinghouse said the regulator’s actions would only help drive innovation off the coast of the United States. quoted Ripple says it will “leave the U.S. for good” if it loses the ongoing SEC lawsuit.
On March 22nd, Coinbase received an SEC Wells Notice informing them of pending enforcement actions regarding their spot trading platforms Coinbase Earn, Coinbase Prime, and Coinbase Wallet.
Coinbase Considers Relocation
Armstrong will be speaking at Fintech Week in London from April 17-21.
to the audience, he Said The company may consider relocating elsewhere due to the harsh environment in the United States.
He added that the UK is Coinbase’s biggest revenue market after the US
“The UK is our second largest market in terms of revenue. I don’t see any regulatory transparency.”
However, he cast cold water on the idea of an imminent U.S. exit, saying this was the only option if clarification of U.S. regulations did not occur within “a few years.”
Armstrong took time out of his FinTech Week duties to meet and advise UK lawmakers. The UK has declared its intention to turn the country into a cryptocurrency hub.
A post first appeared on CryptoSlate saying that Coinbase’s CEO is “under consideration” to leave the US for the UK.