Coinbase CEO Brian Armstrong On Binance's Settlement: 'Building A Company Offshore, Skirting Regulation, It's Just Not Going To Work'

The U.S. federal government’s $4.3 billion settlement with Binance has paved the way for rival exchanges like Coinbase Inc COIN  to vie for the title of crypto king.

What Happened: The federal charges leading to this settlement have also forced Binance Changpeng Zhao to step down from the position of CEO.

Brian Armstrong, CEO of Coinbase told CNBC, “We've had a moment recently, with the enforcement action against Binance, that's allowing us to turn the page on that and hopefully close that chapter of crypto's history," adding that, "Building a company offshore, skirting regulation, it's just not going to work." 

Coinbase, despite aligning closely with regulatory norms, faces its own lawsuit by the SEC.  "We feel very good about our case with the SEC and our chances there.”

Citing the UK as a leader in creating a regulatory environment for cryptocurrencies, Armstrong said, “We’re committed to staying there [in the US] and we’re going to grow there because it’s a big market."

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Why It Matters: Armstrong counters the narrative around waning institutional interest.  “Actually, most major financial institutions that we engage with are doing something in crypto now… we’ve seen actually a flight to quality,” he noted. 

Coinbase’s leader speculates on the future influx of capital through spot Bitcoin BTC/USD ETF approvals. “It’s monumental… it’ll bring in new sources of capital into crypto that aren’t able to participate directly today."

Photo by Primakov on Shutterstock

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