Australian cryptocurrency exchange Coinjar is looking to expand its presence in the United States, according to CEO Asher Tan.
Asher Tan, the CEO and co-founder of Coinjar, said in a May 1 interview with The Australian that he remained bullish about the sector despite the current trend of U.S. crypto companies voicing their discontent with the government’s approach to regulation.
He claims that legislation has a big impact on how the bitcoin market develops. He believes that the exchange would be warmly appreciated in the American market thanks to its unrivaled compliance credentials. Asher Tan, the co-founder and CEO of Coinjar said:
“Where other exchanges see regulatory risk, we see opportunity.”
Coinjar posted a job listing for an anti-money laundering (AML) compliance officer in May, announcing its plans to begin operations there. In the US, licensing is handled at the state level.
As a result, the company intends to gradually add states until they can achieve nearly full state coverage. In CoinJar’s opinion, this problem is one that it can handle.
Despite having a compelling concept, Coinjar may face competition from well-established exchanges like Coinbase in the United States. With its headquarters in Melbourne, Coinjar was founded in late 2013.
It was one of the first companies to enter the Australian market, and in September 2021, it received approval to operate in the UK. There are about 500,000 subscribers between the two countries.
This occurs as the US regulatory process heats up, driving numerous exchanges out of the market. The SEC threatened legal action against Coinbase on March 22 with a Wells notice, alleging that some of the company’s offerings violate securities laws.
On the other hand, Coinbase asserts that it informed the SEC of its intention to conduct such an offering prior to receiving approval to go public. In response, Coinbase has asked the SEC to establish and approve more detailed regulatory guidelines for the cryptocurrency industry in the United States in a petition filed with a federal court.
