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Coinbase breaks free from U.S. restrictions, targets Singapore crypto market

Coinbase secures Singapore temporary licensing exemption

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TL;DR

  • Coinbase is targeting the Singapore crypto market to expand its international presence and adapt to evolving market dynamics.
  • The move comes as Coinbase responds to regulatory crackdowns by U.S. authorities and aims to strengthen its position in the global market.
  • Coinbase now offers services in Singapore, including purchasing USDC with SGD without fees.

Coinbase cryptocurrency exchange, a United States (U.S.) based exchange platform, has made significant strides in the crypto industry. In a recent blog post, the exchange platform announced its intention to expand a wide range of services to customers in Singapore.

Coinbase is actively enhancing its international presence in response to regulatory crackdowns by U.S. authorities, where the company is headquartered. As part of this effort, the exchange platform has taken decisive steps to extend its services to customers in Singapore.

This strategic move aims to strengthen Coinbase’s position and adapt to evolving market dynamics while ensuring continued accessibility to users in different regions.

Users can now purchase USDC with Singapore dollars (SGD) without incurring fees while also receiving rewards for holding USDC. Additionally, Coinbase has made USDC order books available for advanced trading, allowing users to access more trading options.

Moreover, staking services for popular cryptocurrencies such as ETH, SOL, ADA, ATOM, and XTZ were also introduced, allowing users to earn rewards by participating in the staking process.

Hassan Ahmed, the country director for Singapore at Coinbase, expressed the exchange platform’s determination to proceed with or without the U.S. He emphasized Coinbase Global’s commitment to advancing its international expansion efforts, affirming its intention to forge ahead in the global market.

Ahmed’s statement reflects Coinbase’s unwavering stance on continuing its global growth trajectory, irrespective of its relationship with the U.S.

The Monetary Authority of Singapore (MAS) granted in-principle approval to Coinbase in October last year. Since then, the exchange has actively introduced a range of products and services tailored to its customers in Singapore. Singaporean users have benefited from the expanded offerings and enhanced accessibility provided by Coinbase during this time.

Coinbase made an important announcement on May 12, revealing the launch of its Global Advisory Council. This council aims to actively assist Coinbase in navigating the dynamic and intricate landscape of the cryptocurrency industry while also fostering more robust relationships with strategic stakeholders on a global scale.

By establishing this council, Coinbase demonstrates its commitment to staying ahead of the curve and ensuring its position as a trusted and influential player in the crypto space.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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