A news report showed that a famous crypto exchange in Australia, Coinjar, plans to extend its business to the United States of America. The exchange reportedly made its decision despite being fully aware of the regulation mirage that prevails in America.
According to the report, it is obvious that Coinjar which celebrated its 10th year of establishment is not bothered by the cloud of crypto legislative risks that besieged the US. Speaking in an interview, the CEO of Coinjar, Asher Tan, spoke about the firm’s level of confidence in making the decision.
Asher Tan stated that while other films see regulatory risk in the US crypto market, Coinjar senses a lot of opportunities. The CEO pointed out that he believed his firm would thrive in the region.
Coinjar Sees Potentials Instead Of Risks In The US
Coinjar came into existence in 2013 when BTC was relatively not known to many. Since its establishment, the exchange has survived many challenges, maintaining its stance and presence in the crypto market.
In May, Asher Tan announced that Coinjar has rendered its services to thousands of UK and Australia successfully for years. Probably, the exchange’s confidence to thrive under strict laws in the US might have originated from the survival potentials it amassed from operating in those two nations.
Coinjar whose headquarter is in Melbourne got its license to operate in the UK in 2021. Since then, the exchange reportedly has more than 500,000 clients in both Australia and the UK.
Its success in these countries is probably pushing it to test new waters. Hence, it has chosen to launch a branch of its business in the US, regarding the harsh crypto regulation that prevails there.
The CEO is confident that regulation would be an integral part of the crypto market in the future. He also believed that the US would probably reward exchanges with excellent regulatory compliance just like Coinjar.
Coinjar Prepare To Conquer Regulatory Challenges In The US
Concerning its US expansion project, Coinjar would start the process by remotely applying for a position as an American Anti-money Laundering Compliance officer. According to the report, the exchange has started the process with the US authorities.
Commenting on their process, Asher Tan stated that the firm’s cooperation with the regulations in the country is the best way for it to survive in a harsh territory like America. He also pointed out that since states conduct licensing in the country, it would explore one state after another with time.
By doing this, Coinjar plan to overcome challenges in the US market gradually by getting licenses in one state at a time all the states in the US have approved its operation. Furthermore, Tan stated that even though most crypto firms are shying away from satisfying the regulations criteria, Coinjar is well prepared to face the challenges and conquer them.
Although Coinjar’s strategy seems plain, easy, and good logical, it is however not easy to achieve. This is evident in the case of Coinbase, the second-largest crypto exchange globally, which has little success in complying with crypto laws in the US.
According to the report, Coinbase claimed it reached out to the US SEC for compliance instructions several times without any reply from the authority. Coinbase’s experience highlighted several challenges that Coinjar may fave in its quest to extend business in America.