Coinbase CEO, Brian Armstrong, believes that the settlement between Binance and the Department of Justice presents an opportunity for the cryptocurrency industry to prioritize compliance and have clearer rules in order to avoid heavy fines from regulators. Armstrong expressed this sentiment on Twitter, emphasizing Coinbase's commitment to compliance since its founding in 2012. He stated that transparency and compliance are crucial for Coinbase to become a long-lasting and trusted company. In an interview with Bloomberg, Armstrong mentioned that Coinbase's cautious approach to expansion and onboarding new products was the right decision, considering the lack of regulatory clarity. He called on regulators to establish proper rules for the industry to thrive in the United States, rather than resorting to court cases and sanctions. Armstrong sees the Binance settlement as a chance to start a new chapter for the industry and hopes it will lead to regulatory clarity. Coinbase has been at the forefront of pushing for rule clarity in the U.S. and has faced charges from the SEC, which it denies. Despite this, Coinbase is focused on global expansion and has chosen Ireland as its European hub. Armstrong stated that acquiring Binance's assets may not be necessary for Coinbase, as it already has the technology and is focused on expansion. He also praised the industry's growth and highlighted the benefits it brings to users in terms of data control and economic freedom.
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