Saturday, June 10, 2023

Australian Crypto Exchange Begins US Expansion Despite “Regulatory Risks”

Australian cryptocurrency exchange Coinzer is trying to take off its shoes in the United States; Its CEO is apparently unfazed by the market’s “regulatory risk”,

In an interview with The Australian on 1 May, Coinzer CEO and co-founder Asher Tan said he saw opportunities despite the recent wave of US crypto companies criticizing the government’s approach to regulation.,

“Where other exchange regulators see risk, we see opportunity,” he said.Add:

“We have always understood that regulation has an important role to play in the future of cryptocurrencies and we believe that the US market will reward the exchange with our unprecedented good faith in compliance.”

Coinzer is based in Melbourne and was established in late 2013. It was one of the first exchanges to go public in Australia and also obtained a license to operate in the UK. In September 2021. It reportedly has around 500,000 customers in both the countries.

Australian crypto exchange begins us expansion despite "regulatory risks"
Asher Tan, CEO of Coinzer. Source: Twitter

Coinjar began its US expansion plans in May by introducing a single job opening for an Anti-Money Laundering (AML) Compliance Officer.,

“CoinJar is expanding to the US, and we are looking for an AML Compliance Officer. The successful candidate will report to the Director of Legal and Compliance and the Board of Directors, assume responsibility for implemented programs and policies, including the AML/OFAC program, and implement processes to ensure compliance,” reads the job vacancy.,

tan suggested Coinzer’s focus on regulatory compliance will be critical to thriving in a challenging environment like the US,

“Licensing is done at the state level in the United States, so we will gradually add states until we can get close to full state coverage,” he said.Adding that “while not all companies are able or willing to meet these criteria, CoinJar believes we are well placed to take on this challenge.”

While the idea sounds good in theory, US exchanges like Coinbase provide an example of the potential hurdles Coinzer could face,

Coinbase has claimed on several occasions that it has tried to actively negotiate with the Securities and Exchange Commission in the name of regulatory compliance, but those efforts have ultimately backfired.,

The SEC hit Coinbase with a notice from Wells on March 22, essentially threatening legal action for some of the company’s offerings, which it claims violate securities law., However, Coinbase has argued that it notified the SEC about such an offering even before it was given the green light to go public.

In reply, Coinbase has filed a petition in federal court asking the SEC to propose and adopt clearer regulatory guidelines for the US cryptocurrency industry.,

Coinbase’s chief legal officer said, “We’ve literally been sitting on the platform, asking for regulation, asking for rules, asking for a framework that makes sense for our particular technology so that we can register May be.”Paul Grewal, in Consensus 2023, April 27.

the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be construed as financial advice or investment recommendation. All investments and commercial dealings involve risk and it is the responsibility of each individual to conduct appropriate research before making any investment decision.

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Investing in crypto assets is not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed at or accessible to investors in Spain.

World Nation News Desk
World Nation News Desk
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