Coinbase is reportedly exploring the possibility of creating a digital asset exchange outside of the United States due to increased regulatory pressure and a challenging banking environment for crypto companies. The largest cryptocurrency exchange in the U.S. has contacted institutional clients about establishing a new crypto trading platform abroad, according to Bloomberg, citing three individuals familiar with the matter. The report suggested that Coinbase had discussed with market makers and investment firms the idea of setting up an alternative platform away from its existing marketplace for global customers, although its location has yet to be determined. Regulatory scrutiny in the U.S. has intensified, with the SEC cracking down on crypto companies and threatening legal action against firms such as Paxos and Binance.US. Coinbase CEO Brian Armstrong has warned that a hostile regulatory approach could force the crypto industry to move abroad.
