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Coinjar CEO Sees Regulatory Risks in US Market as an Opportunity
Coinjar, an Australian-based cryptocurrency exchange, is planning to expand its operations to the United States despite the growing regulatory risks associated with the market. While many crypto exchanges see regulatory risks in the US market, Coinjar CEO and co-founder Asher Tan view this as an opportunity. He believes that the American market will reward an exchange that has a strong focus on regulatory compliance.
Coinjar has already secured a license to operate in the United Kingdom and is now looking to expand its operations in the United States. The company has listed an open position for anti-money laundering (AML) compliance officer to help ensure compliance with US regulations.
According to Tan, Coinjar's focus on regulatory compliance will be the key to its success in the US market. Coinjar believes that it is well-suited to take on the challenge of operating in the US market due to its compliance-first approach.
However, Coinjar may face some potential roadblocks, as seen with other US-based crypto exchanges such as Coinbase. Despite actively engaging with the SEC, Coinbase has had its compliance efforts thrown back in its face. The SEC has threatened legal action against Coinbase over some of its offerings, which it claims violate securities law.
Coinbase asks SEC for clearer crypto regulations as Coinjar plans US expansion
Coinbase has since filed a petition in federal court asking the SEC to propose and adopt clearer regulatory guidelines for the cryptocurrency industry in the US.
Coinjar is one of the earliest exchanges to enter the Australian market and has since expanded to the UK. The company has around 500,000 customers across the two countries and is now gradually expanding its operations to the US market. Coinjar's licensing process will be done at a state level, and the company plans to gradually add states until it has full coverage.
Overall, Coinjar's compliance-first approach may give the company an edge in the US market. With US regulatory bodies keeping a close eye on the crypto industry, companies that prioritize compliance may be better positioned to succeed. Nevertheless, it remains to be seen how successful Coinjar will be in navigating the complex regulatory landscape of the US market.