What Coinbase’s move to Singapore means for U.S. banking systems
March 16, 2023
By Michael Nderitu
Coinbase enters the Singapore market through strategic partnership with Standard Chartered.
The launch was flagged off through regulatory approval from the Monetary Authority of Singapore.
On 15 March, Coinbase announced that it had secured a partnership with TradFi giant Standard Chartered. This move undermined recent directives by regulators aiming to prevent the flow of liquidity into the crypto market.
Crypto regulators issued a directive to U.S banks in February, requiring them not to engage in business with crypto companies. However, Coinbase moved forward nonetheless. According to a recent announcement, the partnership will provide a free on-ramp and off-ramp for crypto users in Singapore.
Coinbase also revealed that it updated its help center so that it can offer learning material for over 200 crypto assets. This is a surprising change of pace for Singapore users because regulators in the country previously criticized cryptocurrencies.
Are CEXes shifting its focus outside the U.S.?
The Coinbase announcement came at a time when the U.S. market has been facing economic turmoil due to inflation and a recent banking crisis. On top of that, the U.S. appears to be taking an aggressive stance against the crypto market.
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