Cloud Hosting

Coinbase (COIN) CEO Brian Armstrong says the industry can finally close the chapter of bad actors after the recent settlement between Binance and the U.S. Department of Justice.

There certainly have been a few bad actors in crypto and I think weve had a moment recently with the enforcement action against Binance thats allowing us to turn the page on that and close that chapter of cryptos history, Armstrong said in an interview with CNBC International Monday at the Global Investment Summit in London.

He also said that the criminal enforcement actions against Binance and the once-popular but now bankrupt crypto exchange FTX show that taking your business offshore doesnt work. While Binance is a Hong Kong-based company, mostly focused on business in the Asia Pacific region, FTX was headquartered in the Bahamas.

Sometimes its easy to get big fast by skirting the rules but youll always come crashing back down to reality, he said, arguing that its time for U.S.-based companies that have complied with regulation from the beginning to grow.

Though different from Binances legal struggles in the U.S., Coinbase is still battling with U.S. regulators on allegations that the exchange operated an unregistered broker, exchange and clearing agency simultaneously. Armstrong said he feels good about the case's outcome and that it will help with regulatory clarity in the U.S.

The company remains focused on its commitment to its U.S. business despite its efforts to grow in other jurisdictions, including the U.K., which Armstrong said is Coinbases second biggest market. We started the company in the U.S. and were committed to staying there and were going to grow there because its a big market.

Armstrong also said the race to launch a spot-bitcoin ETF is monumental for the industry. Itll bring in new sources of capital into crypto that arent able to participate directly today and I think itd be a legitimizing outcome for the industry, he said.

Originally posted here:

Coinbase CEO Says Binance Settlement Will Turn the Page on Crypto's 'Bad Actors' - CoinDesk