Brian Armstrong, the CEO of Coinbase, has expressed his satisfaction with the decision made by his company to comply with U.S. money transmitter licensing laws. In contrast to rival exchange Binance, which is pleading guilty to criminal charges, Armstrong believes that Coinbase’s commitment to obtaining the necessary licenses has positioned the company as a long-term player in the industry. Despite acknowledging that this compliance strategy has slowed the company’s growth and put it at a competitive disadvantage, Armstrong maintains that embracing compliance was the right approach. He also criticizes the lack of regulatory clarity in the U.S., which he believes is driving users to offshore exchanges. However, he remains optimistic that the resolution of the Binance case may lead to more regulatory clarity. Armstrong has previously claimed that U.S. regulations have pushed the majority of crypto transactions offshore. It is worth noting that the Securities and Exchange Commission has filed a lawsuit against Coinbase, but this is unrelated to money transmitter licensing issues. On the other hand, the Department of Justice has announced that Binance has agreed to plead guilty to violations of the U.S. Bank Secrecy Act and serving U.S. customers without the proper licenses.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	positive
Relevance Score	1
People	Brian Armstrong
Companies	Coinbase, Department of Justice, U.S. Securities and Exchange Commission, Binance
Currencies	US Dollar
Securities	None