Coinbase, the largest cryptocurrency exchange in the United States, is expanding to Singapore. The move comes as the US Securities and Exchange Commission (SEC) has denied Coinbase’s application to list a crypto exchange-traded fund (ETF).
Coinbase said that it chose Singapore because of its “business-friendly environment and strong regulatory framework.” The company also said that Singapore is a “key strategic market” for its global expansion.
The expansion to Singapore is a sign that Coinbase is not deterred by the SEC’s denial of its ETF application. The company has said that it will continue to pursue other opportunities to list a crypto ETF in the United States.
Coinbase’s expansion to Singapore is also a sign of the growing popularity of cryptocurrencies in Asia. The region is home to a large and growing number of crypto users and investors.
The SEC’s denial of Coinbase’s ETF application is a setback for the crypto industry. However, the expansion to Singapore is a sign that Coinbase is still committed to its global expansion plans.
Here are some additional details about Coinbase’s expansion to Singapore:
- Coinbase will launch a crypto exchange in Singapore in the coming months.
- The exchange will offer a variety of crypto trading pairs, including Bitcoin, Ethereum, and Litecoin.
- Coinbase will also offer a variety of crypto-related services, such as custody and lending.
- Coinbase’s expansion to Singapore is a sign of the growing popularity of cryptocurrencies in Asia.
Here are some possible reasons why the SEC might have denied Coinbase’s ETF application:
- The SEC may not have been convinced that Coinbase had a robust enough compliance program.
- The SEC may have been concerned about the potential for market manipulation.
- The SEC may have been waiting for more clarity from Congress on the regulation of cryptocurrencies.