While Binance is facing regulatory problems here and there, Coinbase has announced it is expanding globally, and It would allow international traders to get access to USD, EUR, or GBP fiat on its platform.
Coinbase ($COIN), a Nasdaq-listed cryptocurrency exchange, stated today that it is expanding its international institutional payment capabilities.
Previously, global institutional clients could only deposit local fiat currencies; however, starting today, all institutional clients will be able to deposit USD, EUR, or GBP, as well as related trading pairs.
The exchange stated that it is dedicated to providing the greatest onboarding service for its clients, adding that the recent growth is due to increased demand.
According to the official blog post:
This expansion of supported currencies has been a top request from international clients and has the potential to unlock billions of dollars in trading volume through improved access to major pools of liquidity. Institutional customers will now be able to trade in and out of various currencies regardless of where they are based. This is an important step in Coinbase’s journey towards creating a global trading platform.
Coinbase’s foreign development has accelerated in recent weeks, thanks to regulatory victories in Germany and Japan.
The exchange was initially permitted by Japan’s FSA to enter the Japanese crypto market, and then became the first crypto exchange to receive a crypto custody license from Germany’s top regulator, Basin, just a few days later.
The development of the New York-based exchange during the last month contrasts sharply with that of its competitor Binance, which has been denied regulatory approval in four countries in the last week.
Over the last week, Binance has had regulatory issues in Japan, the United Kingdom, the Cayman Islands, and, most recently, Thailand’s Securities and Exchange Commission.
The exchange was issued a warning by Japan and the Cayman Islands for operating without the required license, while the UK issued a non-compliance warning and the Thai SEC launched criminal proceedings for doing so.
The lack of a physical headquarters has been a source of worry for regulators, while Binance claims that the decentralized nature of its operation is the primary reason for its lack of a specific nation of origin.
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— CZ 🔶 Binance (@cz_binance) July 2, 2021
