Australian Crypto Exchange Plans US Expansion, Ignores Regulatory Risk
A prominent Australian cryptocurrency exchange, CoinJar, wants to launch into the United States market. From every indication, Coinjar seems undeterred by the cloudy crypto legislative atmosphere and regulatory risks.
CoinJar recently celebrated its 10th anniversary, and the CEO and co-founder, Asher Tan, made a remarkable comment. According to the CEO, CoinJar sees an opportunity in the US market where others see regulatory risk.
CoinJar Only Sees Opportunity in US Harsh Regulatory Atmosphere
CoinJar has been in business since 2013 when Bitcoin was relatively unknown to many. The platform has demonstrated high resilience, surviving several ups and downs in the crypto ecosystem.
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In a May 1 blog post, its CEO Asher Tan revealed that CoinJar has successfully served thousands of people in Australia and the United Kingdom. Perhaps the crypto exchange’s confidence in its survival potential in the US comes from its success in these two countries.
The Melbourne-based crypto exchange secured a license in the United Kingdom in September 2021. CoinJar has about 500,000 customers across Australia and the United Kingdom. Given its success in both countries, CoinJar is ready to test new waters by launching operations in the United States.
Despite the recent spree of regulatory crackdowns and lamentations from US crypto exchanges over the regulatory uncertainty, CoinJar is determined to match on.
Asher Tan believes that regulation will play an important role in the crypto market’s future. He is confident that the American market will reward an exchange like CoinJar with unparalleled regulatory compliance.
CoinJar Prepared To Surmount Crypto Regulatory Roadblocks
The crypto exchange initiated its US expansion plans by listing a remote position for an Anti-money Laundering (AML) Compliance Officer in the US. According to the job listing, CoinJar is expanding in the US and seeks an AML Compliance Officer.
CEO Tan highlighted that CoinJar’s commitment to regulatory compliance is the key to thriving in harsh environments like the US. In his statement, Tan noted that since licensing in the US is done at the state level, CoinJar will take on the challenge one state at a time.
The Aussie exchange plans to conquer the US gradually by obtaining licenses in every state until it obtains full coverage. Tan revealed his exchange’s strategy, adding that while most firms may not be willing to satisfy the criteria, it is well-suited to take on the challenge.
CoinJar’s US-conquering strategy may sound easy and good theoretically, but US-based exchanges like Coinbase walked that path with seemingly little success.
The exchange claimed it engaged the US SEC severally, seeking compliance guidelines but none were forthcoming. Their experiences suggest the potential hindrances and challenges CoinJar could face in its journey in the US market.
Featured image from Pixabay and chart from Tradingview