Skip to content
DefiDraft

DefiDraft

Empowering the Future of Finance: Stay Ahead with our DeFi News

Categories

  • AI
  • Altcoin
  • Bitcoin
  • Blockchain
  • Blogs
  • CHARTS
  • Crypto
  • DeFi News
  • Defipedia
  • Ehtereum
  • Guest Post
  • Metaverse
  • Mining
  • News
  • NFT
  • Press Release
  • Review
  • Sponsored Post
  • Trading
  • Wallets
  • Web3
  • DeFi News
  • Defipedia
  • Review
  • Advertise
  • Home
  • Crypto
  • Coinbase Obtains Bermuda License: Is the Crypto Giant Planning to Bid Farewell to the US?
  • News
  • Crypto

Coinbase Obtains Bermuda License: Is the Crypto Giant Planning to Bid Farewell to the US?

Immy Dorse April 20, 2023 2 min read
Coinbase Obtains Bermuda License: Is the Crypto Giant Planning to Bid Farewell to the US?

Coinbase Obtains Bermuda License: Is the Crypto Giant Planning to Bid Farewell to the US?

Coinbase, a prominent player in the worldwide cryptocurrency exchange market, has recently obtained a license to provide its digital asset services in Bermuda. This occurrence has led to speculation that the firm may be trying to leave the United States.

 The Bermuda Monetary Authority has granted Coinbase the license, which allows the exchange to facilitate the purchase, sale, and storage of cryptocurrencies, including well-known ones such as Bitcoin and Ethereum, in Bermuda. 

BREAKING:

Coinbase launches offshore exchange in Bermuda

— whalechart (@WhaleChart) April 19, 2023

Possible Reason for this Move

The recent approval of the new license coincides with a significant crackdown on the cryptocurrency industry by regulators in the United States. The organization confirmed that Bermuda was one of the pioneering financial centers to implement comprehensive regulations for digital assets back in 2018. The regulatory framework in Bermuda is renowned for its strictness, transparency, adherence to compliance, and cooperation. 

Although Coinbase has not officially disclosed any plans regarding its future, some experts speculate that the company may be considering a relocation away from the United States. This is due to the increasing regulatory scrutiny that cryptocurrency exchanges are currently facing in the country. 

Proactive Stance of the US

Over the last few years, the US government has taken a more proactive stance in regulating the cryptocurrency industry. Consequently, exchanges like Coinbase have experienced increased compliance costs, as well as facing ambiguity regarding the legal status of cryptocurrencies. In contrast, Bermuda has created a regulatory framework that seeks to attract digital currency businesses, and has gone as far as establishing a digital asset bank to cater to the industry. 

As per some experts, the decision of Coinbase to relocate to Bermuda may indicate a growing trend of cryptocurrency companies leaving the United States. This development has significant implications for the US economy, as the cryptocurrency industry is seen as a potential driver of growth and innovation. 

However, others argue that Coinbase’s move to Bermuda may be a strategic business decision aimed at expanding its operations and exploring new markets. It is noteworthy that the company has already established its presence in several other countries, including the United Kingdom and Singapore.

Immy Dorse
Immy Dorse

I’m a Cryptocurrency Author and I have been writing about Cryptocurrencies for over 2 years now. I have written many articles on the subject and have been interviewed by some of the biggest names in the industry. My work has been featured on major publications such as Forbes, CoinDesk, and more. I am passionate about Cryptocurrencies and believe that they have the potential to change the world. I am always looking to learn more about this fascinating industry and share my knowledge with others.

Post Views: 460
Tags: Bermuda Coinbase Crypto US

Continue Reading

Previous: Cardano’s DeFi TVL nearly Triples in Q1 2023: Reports
Next: Ethereum Price Plummets as $1 Billion Worth of Stakes Are Withdrawn

Latest Post

Recent Posts

  • Decentralised Applications Gain Momentum: Gaming and DeFi Lead the Charge
  • Sushi Collaborates With HAQQ Network
  • OpenAI CTO’s Twitter Account Hacked as Scammers Use Profile to Promote Crypto Scam
  • Gemini to Buy License to Operate in the UAE
  • Binance CEO Voices His Support For First Digital USD (FDUSD) Stablecoins

Ecosystem

Decentralised Applications Gain Momentum: Gaming and DeFi Lead the Charge Decentralised Applications Gain Momentum: Gaming and DeFi Lead the Charge
2 min read
  • Blockchain
  • DeFi News
  • News

Decentralised Applications Gain Momentum: Gaming and DeFi Lead the Charge

June 5, 2023
Sushi Collaborates With HAQQ Network HAQQ Network Partners with Sushiswap
2 min read
  • DeFi News
  • News

Sushi Collaborates With HAQQ Network

June 3, 2023
OpenAI CTO’s Twitter Account Hacked as Scammers Use Profile to Promote Crypto Scam OpenAI CTO's Twitter Account Hacked as Scammers Use Profile to Promote Crypto Scam
3 min read
  • Crypto
  • News

OpenAI CTO’s Twitter Account Hacked as Scammers Use Profile to Promote Crypto Scam

June 2, 2023
Gemini to Buy License to Operate in the UAE Gemini to to Operate in the UAE
2 min read
  • Crypto
  • News

Gemini to Buy License to Operate in the UAE

June 1, 2023

About

Defidraft is the ultimate source for the latest news and analysis on the world of decentralized finance.

Connect with Us

  • Twitter
  • Instagram
  • Facebook
  • LinkedIn
  • Telegram

Recent Posts

  • Decentralised Applications Gain Momentum: Gaming and DeFi Lead the Charge
  • Sushi Collaborates With HAQQ Network
  • OpenAI CTO’s Twitter Account Hacked as Scammers Use Profile to Promote Crypto Scam
  • Gemini to Buy License to Operate in the UAE

TAGS

Binance blockchain Cardano Crypto cryptocurrency Decentralization decentralized finance deFi DeFi Hack DeFi news DeFi Protocols ethereum future of DeFi News protocol security technology Twitter UAE US

  • News
  • Press Release
  • Sponsored Post
  • Our Partners
  • Contact Us
Copyright © DefiDraft | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$25,621.00-5.98%
  • ethereumEthereum(ETH)$1,806.48-5.18%
  • tetherTether(USDT)$1.000.05%
  • binancecoinBNB(BNB)$275.92-9.94%
  • usd-coinUSD Coin(USDC)$1.000.03%
  • rippleXRP(XRP)$0.51-6.45%
  • cardanoCardano(ADA)$0.352276-7.55%
  • dogecoinDogecoin(DOGE)$0.066334-9.15%
  • solanaSolana(SOL)$20.03-9.72%
  • matic-networkPolygon(MATIC)$0.84-7.34%
  • litecoinLitecoin(LTC)$87.59-8.58%
  • polkadotPolkadot(DOT)$5.08-5.04%
  • binance-usdBinance USD(BUSD)$1.00-0.13%
  • avalanche-2Avalanche(AVAX)$13.93-6.42%
  • shiba-inuShiba Inu(SHIB)$0.000008-8.06%
  • crypto-com-chainCronos(CRO)$0.058412-4.51%
  • terra-lunaTerra Luna Classic(LUNC)$0.000091-17.74%