Speaking at a fintech conference in London, crypto exchange Coinbase CEO Brian Armstrong said the company could move its headquarters outside the U.S. if the regulatory environment does not change.
The firm executive stated that anything is on the table while answering a question asking if they would consider moving the San Francisco-based company to the U.K.
- Previously, Armstrong again publicly stated that U.S. authorities' approach to crypto regulations lacks clarity.
- At the conference in London, Coinbase's CEO reiterated that they do not see the clarity needed in the U.S., though the country has the potential to be an important market for the crypto industry.
- The platform executive added that the U.K. is the second-largest market of Coinbase in terms of revenue and is moving fast with crypto regulations.
- Around 300 employees are currently working at Coinbase's offices in the U.K.
- The firm also received permits from the U.K. Financial Conduct Authority, the country's financial regulator, in 2018 to operate as an e-money provider in the country.
- The company already has a significant presence and seeks a license in various European countries, including Germany, Ireland, Netherlands, Italy, Spain, and France.
- Armstrong's statements came shortly after Coinbase was served a Wells notice by the U.S. Securities and Exchange Commission (SEC) about further action over a potential violation of securities laws through its exchange and staking services.
- A Wells notice refers to a letter sent by the SEC after an investigation to inform about a possible enforcement action and does not always result in charges.
- Several days before the Wells notice, Coinbase submitted an 18-page petition to the agency, explaining why staking cannot be universally considered securities.
