Brian Armstrong, the CEO of Coinbase, has expressed his perspective on the Binance settlement, seeing it as an opportunity for the cryptocurrency industry to prioritize compliance and gain clarity on regulations. Armstrong emphasized the importance of transparency and a comprehensive compliance regime for companies to avoid substantial fines from regulators.
In a post on X (formerly Twitter), Armstrong highlighted Coinbase’s commitment to rule compliance and its roadmap since 2012. He emphasized that transparency and adherence to rules are crucial for companies aspiring to become generational leaders. Armstrong mentioned the legal teams at Coinbase, which have worked to ensure strict compliance with regulations.
Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust…
— Brian Armstrong 🛡️ (@brian_armstrong) November 21, 2023
In a Bloomberg interview, Armstrong acknowledged that Coinbase’s approach to expansion and product onboarding might be slower than some competitors due to its commitment to a compliant approach. He expressed the view that proper rulemaking is essential for the cryptocurrency sector to thrive in the United States, advocating for regulatory clarity instead of continued legal challenges and sanctions.
Coinbase has been at the forefront of efforts to seek regulatory clarity in U.S. courts and Congress amid increased regulatory scrutiny. Armstrong suggested that Americans should not have to turn to unregistered exchanges elsewhere to benefit from crypto, emphasizing the need for a well-regulated crypto environment in the United States.
Despite facing regulatory challenges, Coinbase has been focused on global expansion, choosing Ireland as its European hub and signaling intentions to enter newly regulated markets across continents. Armstrong downplayed the idea of acquiring Binance’s assets, stating that Coinbase has the necessary technology and is more focused on its expansion strategy.
Armstrong praised the growth of the cryptocurrency sector over the years, citing key markets where users adopt technology for controlling digital data, gaining economic freedom, and embracing Web3 principles. He also addressed the perception of cryptocurrency being used for fraud, comparing it to the percentage of the U.S. Dollar used for illegal activities.