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Is Coinbase Abandoning US? CEO Says Relocating Headquarters Is on Table

Tue, 04/18/2023 - 14:52
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Alex Dovbnya
Coinbase CEO Brian Armstrong's recent statements at London fintech conference have sparked rumors that company may relocate its headquarters from San Francisco to more crypto-friendly country, like UK
Is Coinbase Abandoning US? CEO Says Relocating Headquarters Is on Table
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Recent statements from Coinbase CEO Brian Armstrong at a fintech conference in London have fueled speculation about the company potentially ditching its headquarters in San Francisco, Bloomberg reports.

Armstrong's remarks, which highlighted the ongoing struggle for regulatory clarity in the United States, indicated that all options were being considered, even relocating to a country like the U.K. that may offer a more favorable regulatory environment.

These comments come amid a series of regulatory developments involving Coinbase, such as the company's recent run-in with the Securities and Exchange Commission (SEC).

The SEC issued a Wells notice to Coinbase, a formal warning that the agency may pursue legal action, regarding various cryptocurrencies and producers offered by the exchange (such as Coinbase Wallet and Coinbase Earn). The crypto giant said that its services would continue to operate as usual despite the regulatory pressure.

Coinbase CEO Says Morale Soared After SEC Wells Notice
On Monday, the SEC announced an enforcement action against Bittrex exchange, and John Reed Stark, a former agency official, predicts that Coinbase could be next in line.    

The potential relocation of Coinbase's headquarters could have profound implications for both the company and the U.S. cryptocurrency market. As one of the largest and most influential exchanges, Coinbase has been instrumental in driving digital currency adoption in the United States.

A potential departure could allow countries with more progressive and transparent regulatory frameworks, such as the U.K., to take the lead.

As reported by U.Today, blockchain company Ripple considered relocating its headquarters from San Francisco to a crypto-friendly country, but it ultimately decided against making such a move. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at