Crypto exchange Coinbase Global, at loggerheads with regulators in the US, is considering the UAE as an international hub.
“We are looking for a home to set up an international hub that could serve the long tail of countries in the world,” chief executive Brian Armstrong told Bloomberg TV in an interview.
The UAE is well positioned to expand and serve markets in the Middle East, Africa and Asia, he said.
The country is “leading the way regionally” in crypto and could be a potential international hub, Mr Armstrong said at a panel at the Dubai FinTech Summit on Monday.
The region serves as a “strategic bridge” between Asia and Europe, two of its existing focus areas, the company said in a blog post.
Mr Armstrong has been vocal about the lack of clarity in current US crypto regulation, raising the possibility of relocating earlier in an escalation of rhetoric.
On Monday, Mr Armstrong said Coinbase was not going to leave the US, an important market for the company.
But regulators in the UAE are ahead of the US, Mr Armstrong said.
“I would say that the UAE’s approach has been more forward thinking than the US,” he added.
Coinbase has been navigating a market downturn and a difficult US regulatory environment.
The company, which cut staff by 20 per cent in January, is facing more uncertainty after receiving a notice from the US Securities and Exchange Commission in March threatening to sue it over several business lines.
What is Bitcoin and how did it start?
A series of crypto probes in the US has prompted companies to look towards financial hubs overseas, with jurisdictions such as Dubai, Singapore and Hong Kong raising their allure with crypto entrepreneurs and investors.
Coinbase recently launched an international derivatives exchange with a licence from Bermuda.
