Coinbase looking toward UAE to provide crypto services globally

Coinbase CEO Brian Armstrong said that the United Arab Emirates (UAE) is excited ahead of Coinbase exchange as a potential hub to build as well, an international hub for Coinbase. 

Coinbase is a Nasdaq-listed publicly trading crypto exchange and the services of this exchange are available globally. In March of this year, Coinbase received a Wells notice from the United States Securities and Exchange Commission (SEC) over the nature of some particular crypto assets trading & crypto staking services. Coinbase executives confirmed that they already approached the SEC agency to get clarity on the nature of crypto assets & potential violation of securities law but the SEC body never responded. 

On 7 May, Coinbase published a blog post and confirmed the company’s plan to expand & establish its services deeply in the UAE. According to the company, the Coinbase team worked with several regulators of the Abu Dhabi Global Market and Dubai’s Virtual Assets Regulatory Authority. 

Coinbase CEO Brian Armstrong said that UAE is highly excited with Coinbase’s plan to establish an international hub for Coinbase so that Coinbase exchange could easily provide crypto services across several jurisdictions with proper regulatory clarity, which is currently not possible in the US. 

Armstrong also shared a meeting photo on Twitter with the UAE’s Minister of Economy. 

Earlier this, on 2 May, Coinbase Exchange announced the launch of Coinbase International Exchange (CIE), a new institutional platform designed for crypto derivatives trading. Exchange confirmed that CIE will not be available for US customers.

Over the last couple of months, the majority of the decisions by the Coinbase exchange showed that Coinbase is trying to shift its crypto business outside the US crypto market.

Read Also: Bittrex files for bankruptcy following US SEC charges

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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