Coinbase CEO Brian Armstrong has denied reports that the cryptocurrency exchange is planning to relocate its headquarters overseas to escape the US Securities and Exchange Commission’s (SEC) interference. Armstrong criticized the US for falling behind in cryptocurrency regulations but stated that Coinbase would remain in the US. In an interview with CNBC in Dubai, Armstrong said, “Coinbase is not going to relocate overseas. We’re always going to have a U.S. presence…”
VP’s Comments on UAE
The cryptocurrency community had assumed that Coinbase was considering moving its headquarters to the United Arab Emirates (UAE) after Nana Murugesan, Coinbase’s VP of International and Business Development, stated that the country had the potential to be a strategic hub for the exchange. However, Murugesan did not state that the expansion would be carrying headquarters. This came soon after Coinbase began having regulatory problems with the SEC, which led the community to think the exchange might relocate to avoid the legal confrontation.
SEC’s Negative Stance on Crypto
While denying relocation, Armstrong commented on the SEC’s recent attitude towards crypto and said that SEC’s negative tone might indicate that the SEC is not trying to regulate crypto but curtail it. Armstrong said the lawsuits the SEC has been filing are “quite unhelpful” for the crypto industry in the US but an opportunity to get some regulatory clarity from the courts. Comparing the US regulatory landscape to other countries, Armstrong stated that the US is a little bit behind right now. Armstrong added that the EU has already passed comprehensive crypto legislation, and the UK has been incredibly welcoming, making it a hub where Coinbase has decided to serve the UK market.