Brian Armstrong, the CEO of the publicly traded American company Coinbase which operates a centralized cryptocurrency exchange, has dismissed rumors that the exchange plans on relocating from the U.S. after its vice president floated the idea of making the UAE the CEX’s international hub.
“Coinbase is not going to relocate overseas,” Armstrong said in an interview, assuring its U.S.-based customers that the exchange will always have a presence in the country.
The speculations about Coinbase moving its business abroad were fueled by the latest statements from one of the company’s executives, particularly its VP of International & Business Development, Nana Murugesan, when he praised the United Arab Emirates and its potential to be a strategic international hub for the major centralized crypto exchange platform.
“In UAE for a few days with the @Coinbase team and @barmstrong,” the executive said in a Twitter thread, noting that “Crypto and web3 serve as enormous opportunities for economic and technological diversification for the UAE, and the region has the potential to be a strategic hub for Coinbase.”
In a blog post, Murugesan explained that the UAE has transformed into becoming the center of web3 innovation and a “key hub in the Middle East, Africa, and India as we explore crypto use cases that are relevant for the broader region.”
Coinbase believes that UAE’s location, huge expatriate population, clarity on crypt regulations and other demographic qualities, make the region an ideal location for investment.
Armstrong, in a recent statement, even stated that the UAE has “forward thinking” crypto regulations and deserves to be given credit.
“The UAE deserves a lot of credit for being forward thinking on crypto,” the Coinbase CEO said, noting that the region boasts the “first dedicated crypto regulator in the world, a clear rule book published (!), business-friendly plus strong customer protections.”
The UAE 🇦🇪 deserves a lot of credit for being forward thinking on crypto. First dedicated crypto regulator in the world, a clear rule book published (!), business friendly plus strong customer protections. Really enjoying my visit so far.
— Brian Armstrong 🛡️ (@brian_armstrong) May 8, 2023
Armstrong is attending the Dubai Fintech Summit this week – a state-sponsored activity that gathers local regulators, businesses and members of the growing cryptocurrency industry in the world.
Coinbase has been very vocal about its displeasure with how the U.S. SEC runs things.
Last month, Armstrong urged Congress to intervene and stop the financial watchdog from further causing “untold harm to America with its policy of regulation by enforcement.”
Spent the day in DC meeting with members of congress. We need regulatory clarity in the U.S. for the centralized players in crypto for many reasons – consumer protection, national security, economic growth, etc.
The SEC has caused untold harm to America with its policy of… pic.twitter.com/eV13Ny66db
— Brian Armstrong 🛡️ (@brian_armstrong) April 20, 2023
