The Securities and Exchange Commission (SEC) has been the source of the majority of the company's regulatory problems in its native country. This dispute may be one of the reasons why Coinbase has recently transferred its focus to other nations.

Our Vision Goes Beyond Borders

Despite becoming one of the most prominent crypto exchanges in the United States and the first publicly-traded company of its kind, Coinbase disclosed that its mission involves expanding internationally:

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"While our voyage towards transparency and conformance led us to become a publicly traded company in the United States, our vision transcends national boundaries. Today, we are pleased to announce a significant milestone in our international expansion strategy: our official introduction in Canada."

The team responsible for the platform explained that the expansion into the North American nation was prompted by the country's exhaustive regulatory framework and local interest in innovation. According to Coinbase, Canadians are among the most interested in the cryptocurrency industry, with 30% intending to join the bandwagon in the near future.

Interac e-transfers can now be used to deposit and withdraw Canadian dollars to and from Coinbase wallets. Additionally, they are permitted to join Coinbase One, which has no transaction fees, priority support, and enhanced staking rewards.

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In addition, the company plans to enable withdrawals, seamless deposits, and high transaction limits per day by the end of 2023.

In contrast to its domestic regulatory issues, Coinbase praised its collaboration with Canadian regulators, financial partners, and investors.

Recall that the US SEC filed a lawsuit against the exchange in June of this year, alleging that it had violated multiple rules and offered trading services for unregistered securities, including SOL, ADA, MATIC, and others.

The Earlier Efforts

A recent expansion of Coinbase involves the introduction of a platform in Bermuda that caters to institutional clients outside the United States. The exchange, which debuted in May, permits users to trade bitcoin and ether perpetual futures and resolve transactions in USDC.

"We would like to see the United States adopt a similar approach in lieu of regulation by enforcement, which has resulted in a disappointing trend for crypto development in the United States," the company stated upon the introduction of the option.

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Coinbase was also interested in the United Arab Emirates (UAE), emphasizing the region's favorable regulatory environment.

"In conclusion, the region is a leader in the development of a web3 ecosystem, making it an attractive location for investment consideration. "International counterparts, such as the UAE, are racing to fill the regulatory void left by other notable jurisdictions," said Coinbase's vice president of international and business development, Nana Murugesan.