Australian crypto exchange kicks off US expansion despite regulatory risk

[ad_1]

Australian crypto exchange Coinjar is looking to put its boots on the ground in the US, with its CEO appearing unfazed by market regulatory risk.”

In an interview with The Australian on May 1, Coinjar CEO and co-founder Asher Tan said he sees an opportunity despite a recent flurry of US crypto firms sounding the alarm over the government’s approach in terms of regulations.

Where other exchanges see regulatory risk, we see opportunity, he said, adding:

We have always understood that regulation has a key role to play in the future of cryptos and we believe that the US market will reward an exchange with our unparalleled good faith compliance.

Coinjar is based in Melbourne and was founded in late 2013. It was one of the first exchanges to enter the market in Australia and also obtained a license to operate in the UK in September 2021. It is said to have around 500,000 customers across the two countries.

Coinjar CEO Asher Tan. Source: Twitter

Coinjar kicked off its US expansion plans in May by listing a unique open position for an Anti-Money Laundering (AML) Compliance Officer.

CoinJar is expanding into the US and we are looking for an AML Compliance Manager. The successful candidate will report to the Chief Legal & Compliance Officer and the Board of Directors, take ownership of applicable programs and policies, including the AML/OFAC program, and implement processes to ensure compliance with them, the list of posts.

Tan suggested that Coinjars focus on regulatory compliance will be key to thriving in a challenging environment like the United States.

Licensing is done at the state level in the United States, so we will gradually add states until we can get closer to full state coverage, he said, adding that while not all companies are able or willing to meet these criteria, CoinJar believes were well positioned to meet this challenge.

Related: On Bittrex’s US Shutdown and SEC Actions Bittrex Global CEO at Consensus 2023

While the idea sounds good in theory, US exchanges such as Coinbase provide an example of the potential hurdles Coinjar could face.

Coinbase has repeatedly claimed that it actively sought to engage in dialogues with the Securities and Exchange Commission (SEC) in the name of compliance, but ultimately saw those efforts thrown in the face.

The SEC slapped Coinbase with a Wells notice on March 22, essentially threatening legal action over some of the companies’ offerings, which it says violate securities law. Coinbase, however, argued that it had already disclosed such an offer to the SEC before getting the green light to make it public.

In response, 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 United States.

We are literally sitting here on stage asking for regulation, asking for rules, asking for a framework that makes sense for our particular technology so that we can get registered, said Paul Grewal, Chief Legal Officer of Coinbase, during Consensus 2023 on 27 april.

Magazine: Crypto Regulation Does SEC Chairman Gary Gensler have the final say?

[ad_2]