Coinbase is planning to set up crypto trading platform outside US: Report

Coinbase is planning to set up crypto trading platform outside US: Report

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Cryptocurrency exchange Coinbase reportedly plans to establish a cryptocurrency trading platform outside of the United States, where it is currently headquartered.

According to a Bloomberg report on March 17, Coinbase discussed set up the platform outside of the US with some of its institutional clients. The reported move came amid many US lawmakers and regulators targeting crypto firms for their perceived role in the failure of Silvergate Bank, Silicon Valley Bank and Signature Bank.

US regulators, including the Securities and Exchange Commission, have been crack down on certain crypto companies in recent months, including Kraken for its US coin-based staking services issued a notice to users in March that its staking program would continue despite the crackdown and that it “could actually increase.”

Related: Crypto Industry Has ‘Already Started’ To Move Out Of The US, Says Ripple CEO

The Coinbase startup would reportedly serve global clients, but does not yet have a confirmed location. Cointelegraph reached out to Coinbase, but did not receive a response by press time.