- Coinbase CEO has said that the company may relocate its headquarters to the U.K. if regulatory clarity is not achieved in the U.S.
- The CEO also stated that the U.K. is its second-largest revenue market and praised the region’s crypto regulation.
Brian Armstrong, Coinbase CEO, said that relocating the exchange’s headquarters to the United Kingdom is “on the table” if the regulatory situation in the United States does not improve.
Armstrong was speaking at FinTech Week, which takes place in London from the 17th to the 21st of April. In his address to the audience, he stated that the company might consider relocating elsewhere due to the challenging business environment in the United States. He also said emphatically that “anything is on the table.”
Armstrong stated, “The U.K. is our second-largest market in terms of revenue. We’re founded in the U.S., and I think the U.S. has the potential to be an important market in crypto – but right now, we’re not seeing the regulatory clarity we need.”
The CEO of Coinbase took time away from the event to meet with and advise U.K. lawmakers. “The U.K. is moving quickly on sensible crypto regulation to drive economic growth while also protecting consumers,” he tweeted.
Armstrong also wrote in a blog that things are happening in Europe that are propelling the continent forward in terms of digital economy integration, citing the upcoming Markets in Crypto Assets (MiCA) legislation, which is up for a vote this week as an example.
However, Armstrong dismissed the possibility of a quick exit from the United States, stating that this is only an option if regulatory certainty in the United States is not achieved in “several years.”
The Cryptocurrency Industry is facing regulatory action in the U.S.
Authorities in the United States have had a tumultuous relationship with cryptocurrency firms since at least before 2020. In 2023, however, the number of enforcement operations increased. Many people assumed that the officials were waging a covert war on cryptocurrency.
On March 22, Coinbase announced that it had received a Wells Notice from the SEC. The notice forewarned them of impending enforcement action regarding Coinbase Earn, Coinbase Prime, and Coinbase Wallet, its spot trading platforms.
Ripple CEO Brad Garlinghouse, on the other hand, stated in April that regulatory action would only drive technology and innovation away. Ripple, according to Garlinghouse, would “leave the United States entirely” if the pending SEC action was unsuccessful.
