The cryptocurrency industry is undergoing significant changes, driven by government enforcement actions against crypto companies. In response, many American crypto companies – particularly exchanges – are exploring opportunities to expand their business abroad. This comes as a growing crackdown has made the United States one of the strictest regulators of crypto markets. In fact, a number of exchanges are shutting down their US operations and seeking licenses in other countries. While leaving the US is the top priority for many start-ups, some specialist crypto mining firms have moved to the US to benefit from cheap power. Meanwhile, crypto companies that are expanding internationally are also fighting for better rules in Washington. The largest US-based exchange, Coinbase, has been at the center of the regulatory debate and has clashed repeatedly with federal regulators since going public in 2019. Now, it has opened an international exchange in Bermuda as one of several steps being taken by crypto companies to expand their operations overseas.
U.S. Crackdown Forces Crypto Firms to Seek Opportunities Overseas
