Binance charges prove 'following the rules' was the right decision: Coinbase CEO
Armstrong acknowledged that getting licenses slowed Coinbase's growth, but claimed that the decision has paid off over the long run....
- Brian Armstrong, CEO of Coinbase, believes that complying with U.S. money transmitter licensing laws was the right decision for his company.
- He expressed satisfaction with Coinbase's decision to obtain licenses, despite the competitive disadvantage it may have caused.
- Armstrong emphasized the importance of embracing compliance to establish a long-lasting company.
- He acknowledged that the compliance strategy slowed down Coinbase's growth but believed it was the correct approach.
- Armstrong criticized the lack of regulatory clarity in the U.S., which he believes drives users to offshore exchanges like Binance.
- He expressed hope that the resolution of the criminal case against Binance could lead to more regulatory clarity.
- Armstrong has previously claimed that U.S. regulations have driven the majority of crypto transactions offshore.
- The Securities and Exchange Commission has filed a lawsuit against Coinbase for alleged violations of U.S. securities laws.
- The Department of Justice announced that Binance has agreed to plead guilty to violations of the U.S. Bank Secrecy Act and serving U.S. customers without proper licenses.
The sentiment of the article is generally positive towards Coinbase's decision to comply with regulations and critical of the lack of regulatory clarity in the U.S.