CoinJar, a well-known crypto exchange in Australia, intends to enter the market within the jurisdiction of the United States. Nonetheless, it appears that the platform is undeterred by the uncertain environment dealing with the legislative sphere around cryptocurrency as well as the regulatory risks involved in this step.
CoinJar of Australia to Have US Expansion Despite Regulatory Uncertainty
The crypto exchange celebrated its tenth anniversary recently. Asher Tan, the co-founder and the chief executive officer of the platform, commented on that occasion. As per the executive, the company witnesses an opportunity to deal with its operations within the market of the United States where the rest of the entities are witnessing several regulatory risks.
The crypto firm has been carrying out its business since the year 2013. That was the time when the primary crypto Bitcoin was comparatively unknown to several people. The company has expressed high resilience. It has also remained successful in enduring many rises and falls that took place within the ecosystem of the cryptocurrency sector.
The firm published a blog post on the 1st of May this year. In that post, the CEO of the company disclosed that the firm has effectively served numerous people living in the United Kingdom and Australia. Keeping this in view, it appears that the potential of the company in surviving the hard times within the respective 2 jurisdictions is responsible for its confidence to move to the US market.
The Melbourne-based crypto platform obtained an operating license within the UK jurisdiction back in 2021’s September. The company has nearly 500,000 clients living across the United Kingdom and Australia. In line with its effective operations within both of the above-mentioned jurisdictions, the crypto exchange is prepared to do experimentation with the US market by starting its activities there.
Irrespective of the regulatory strictness and the opposing reaction made by the crypto exchanges within the US over the uncertainty of the respective scenario, CoinJar has decided to take this step. In the words of Tan, a significant role will be played by the regulation in the future of the crypto market. The executive is confident about the benefits that will be provided within the American market to the crypto exchanges such as CoinJar.
The executive considers that a better regulatory environment will witness unmatched compliance from the platforms like CoinJar. The crypto exchange began its strategy to have expansion within the US by listing a distant position for a US-based Anti-Money Laundering Compliance Officer. As mentioned in the job listing, the crypto exchange is witnessing an expansion within the United States and pursues an AML Compliance Officer.
The CEO pointed out that the commitment of the firm to carry out regulatory compliance plays a key role in enduring hard environments such as within the United States. The executive mentioned in his statement that it should be noted that the licensing in the US is done on a state level. Thus, he added, the crypto exchange will attempt to get licenses in the states one by one.
The Crypto Exchange Express Confidence Although Coinbase and Other Exchanges Saw Little Success
The Australian platform intends to overcome the US jurisdiction at a gradual pace by gaining licenses in each state for complete coverage. As disclosed by Tan, CoinJar is well suited to complete the criteria set by the US states unlike most of the other entities who want to operate there. Although the strategy of CoinJar seems good and strong theoretically, Coinbase and other such crypto exchanges witnessed little success while moving on that path.
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