For the world’s largest US-based cryptocurrency exchange, 2019 could well be the turning point. The brand is expanding its presence into newer markets across Europe as part of the “aggressive approach” of UK CEO for Coinbase Zeeshan Feroz. Coinbase has set up new operations in many of the European nations such as Andorra, Gibraltar, Lithuania, Iceland and even Isle of Man and Guernsey. Meanwhile, Binance, the Malta-based exchange and popular destination for overseas crypto-firms and operators are also set to launch over 10 exchanges in 2019 in the fiat-to-crypto exchanges spectrum in a few months.
Binance’s USP has been innovation
Many of Binance’s clientele and trade-affiliates are banished from their native markets due to regulatory directives. In the context of regulations, Binance CEO Changpeng Zhao has commented on Bloomberg that:
“We want clarity, but we also want good, sensible regulations. We want regulations that promote innovation and not things that totally hamper innovation. There’s still too much uncertainty in many countries in the world regarding regulations around the cryptocurrency industry.”
However, the greatest selling point for Binance is the reality that in the early months of 2019 – the Decentralized Exchange or DEX. The exchange has been highly proactive in this space by constantly introducing experimental products and services for its professional traders, overseas players as well as retailers.
Coinbase, on the other hand, has been highly conservative in its approach and is largely regarded as an organization which has a policy of complying with the Securities and Exchange Commission’s requirements apart from the duplication of regulations due to governance by a range of other regulatory agencies operating in the US.
In order to overcome the imbalance due to the “market correction” there is an aggressive approach to expansion and includes launching in markets which are as near to the current jurisdictions in which they operate. Gibraltar is encouraging startups by offering domestic licensing process for blockchain technology services. Ireland is the epicenter for cryptocurrency mining.
As a backup plan after the Brexit phase, it has begun operations in Ireland’s capital Dublin so as to be able to continue offering cryptocurrency services.
As Feroz concludes,
“I think you can expect a more aggressive approach to us adding more countries in the coming months. Much of what we’re doing here is driven by customer needs and what we’re seeing in the market.”
For example, Coinbase partnered with Barclays, the British Bank to allow users to operate UK bank account and to top up, withdraw money from Coinbase account to overcome the delays with the Estonian bank set up initially.
Thus, with arms drawn both the leading exchanges await 2019 operations so as to be the first operator for every crypto investor.