{"id":46055,"date":"2023-05-02T04:27:48","date_gmt":"2023-05-02T04:27:48","guid":{"rendered":"https:\/\/lydian.io\/?p=46055"},"modified":"2023-05-02T04:27:49","modified_gmt":"2023-05-02T04:27:49","slug":"aussie-crypto-exchange-launches-us-expansion-despite-regulatory-risk","status":"publish","type":"post","link":"https:\/\/lydian.io\/aussie-crypto-exchange-launches-us-expansion-despite-regulatory-risk\/","title":{"rendered":"Aussie crypto exchange launches US expansion despite 'regulatory risk'","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 44 Second <\/div>\n\n <\/div>

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

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. <\/p>\n

\"The place different exchanges see regulatory dangers, we see alternatives,\" he mentioned, including: <\/p>\n

\u201cWe 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.\u201d<\/p>\n

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. <\/p>\n

Coinjar CEO Asher Tan. Supply: Twitter<\/p>\n

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

\u201cCoinJar 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. <\/p>\n

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

\"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.\u201d<\/p>\n

Associated: <\/strong>On Bittrex US Shutdown and SEC Actions \u2013 Bittrex International CEO at Consensus 2023<\/strong><\/p>\n

Whereas the concept sounds good in principle, US exchanges like Coinbase present an instance of the potential roadblocks Coinjar might face. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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<\/p>\n

\"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. <\/p>\n

Simply In: Paul Grewal, Coinbase's Chief Authorized Officer, is an absolute boss. pic.twitter.com\/bHA3sCNIet<\/a><\/p>\n

\u2014 Dan Gambardello (@cryptorecruitr) April 27, 2023<\/a><\/p>\n

Journal: Crypto Regulation \u2013 Does SEC Chairman Gary Gensler Have the Ultimate Phrase?<\/strong><\/p>\n