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Aussie crypto exchange launches US expansion despite 'regulatory risk'

Published on

May 2, 2023
Read Time:2 Minute, 44 Second

Australian crypto alternate Coinjar is attempting to achieve a foothold in the USA, with its CEO seemingly unfazed by the market's "regulatory danger."

In an interview with The Australian on Might 1, Coinjar CEO and co-founder Asher Tan mentioned he sees alternative, though a latest spate of US crypto companies has raised alarm bells in regards to the authorities's method to regulation.

"The place different exchanges see regulatory dangers, we see alternatives," he mentioned, including:

“We now have all the time understood that regulation has a key function to play in the way forward for crypto, and we imagine the American market will reward a bona fide alternate with our unparalleled compliance.”

Coinjar relies in Melbourne and was based in late 2013. It was one of many earliest exchanges to launch in Australia and likewise secured a license to function within the UK in September 2021. It's reported that it has round 500,000 clients throughout the 2 international locations.

Coinjar CEO Asher Tan. Supply: Twitter

Coinjar began its growth plans within the US in Might listing a single open function for an Anti-Cash Laundering (AML) Compliance Officer.

“CoinJar is increasing into the US and we're looking for an AML Compliance Officer. The profitable candidate will report back to the Head of Authorized & Compliance and the Board of Administrators, assume accountability for relevant packages and insurance policies, together with the AML/OFAC program, and implement processes to make sure compliance," the job posting reads.

Tan steered that Coinjar's give attention to regulatory compliance will likely be key to succeeding in a troublesome surroundings like the USA.

"Licensing is finished on the state degree within the US, so we are going to regularly add states till we will obtain near-complete state protection," he mentioned, including, "though not each firm is in a position or keen to fulfill these standards." fulfill, CoinJar believes we're properly positioned to take up this problem.”

Associated: On Bittrex US Shutdown and SEC Actions – Bittrex International CEO at Consensus 2023

Whereas the concept sounds good in principle, US exchanges like Coinbase present an instance of the potential roadblocks Coinjar might face.

Coinbase has claimed on a number of events that it actively tried to enter into dialogues with the Securities and Trade Fee (SEC) on behalf of compliance, however these efforts had been finally dismissed.

The SEC slammed Coinbase on March 22 with a discover from Wells, basically threatening authorized motion over among the firm's choices it claims violate securities legal guidelines. Nonetheless, Coinbase has argued that it disclosed such a proposal to the SEC earlier than it was given the go-ahead to go public.

In response, Coinbase has since filed a petition in federal courtroom asking the SEC to suggest and enact clearer regulatory tips for the cryptocurrency business in the USA

"We're actually sitting up right here on the stage demanding regulation, demanding guidelines, demanding a framework that is sensible for our explicit know-how in order that we could be registered," Paul Grewal, Coinbase's chief authorized officer, mentioned on April 27 at Consensus 2023.

Simply In: Paul Grewal, Coinbase's Chief Authorized Officer, is an absolute boss. pic.twitter.com/bHA3sCNIet

— Dan Gambardello (@cryptorecruitr) April 27, 2023

Journal: Crypto Regulation – Does SEC Chairman Gary Gensler Have the Ultimate Phrase?



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : May 2, 2023
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