As Binance’s former CEO Zhao Changpeng pleads guilty to the US authorities, rival Coinbase seizes the opportunity to promote to users that domestic exchanges in the United States are the correct way to participate in the cryptocurrency market.
Coinbase CEO Brian Armstrong posted on the X platform, stating that since its establishment in 2012, Coinbase has always adhered to the path of compliance, actively sought licenses, hired compliance and legal teams at great expense, and became a publicly traded company in 2021.
Today’s events once again prove that, despite the huge costs, Coinbase’s path is the right one, Brian Armstrong said:
In addition, Brian Armstrong also urged US users that in order to benefit from blockchain and cryptocurrency technology, it is not necessary to choose offshore and unregulated exchanges, but rather exchanges built in the United States and in accordance with US law are the best choice.
Although Brian Armstrong praised the advantages of his exchange in terms of compliance, Coinbase also faces conflicts with law enforcement agencies in the United States.
According to previous reports, the US Securities and Exchange Commission (SEC) in June filed multiple charges against Coinbase, including operating as an unregistered exchange, broker, or clearing agency, and providing unregistered lending and securities trading services. As conflicts with US regulatory agencies intensify, the exchange has also been exploring the possibility of expanding its business to overseas markets.