Coinbase
(COIN)
CEO
Brian
Armstrong
says
the
industry
can
finally
close
the
chapter
of
bad
actors
after
the
recent
settlement
between
Binance
and
the
U.S.
Department
of
Justice.
“There
certainly
have
been
a
few
bad
actors
in
crypto
and
I
think
we’ve
had
a
moment
recently
with
the
enforcement
action
against
Binance
that’s
allowing
us
to
turn
the
page
on
that
and
close
that
chapter
of
crypto’s
history,”
Armstrong
said
in
an
interview
with
CNBC
International
Monday
at
the
Global
Investment
Summit
in
London.
He
also
said
that
the
criminal
enforcement
actions
against
Binance
and
the
once-popular
but
now
bankrupt
crypto
exchange
FTX
show
that
taking
your
business
offshore
doesn’t
work.
While
Binance
is
a
Hong
Kong-based
company,
mostly
focused
on
business
in
the
Asia
Pacific
region,
FTX
was
headquartered
in
the
Bahamas.
“Sometimes
it’s
easy
to
get
big
fast
by
skirting
the
rules
but
you’ll
always
come
crashing
back
down
to
reality,”
he
said,
arguing
that
it’s
time
for
U.S.-based
companies
that
have
complied
with
regulation
from
the
beginning
to
grow.
Though
different
from
Binance’s
legal
struggles
in
the
U.S.,
Coinbase
is
still
battling
with
U.S.
regulators
on
allegations
that
the
exchange
operated
an
unregistered
broker,
exchange
and
clearing
agency
simultaneously.
Armstrong
said
he
feels
good
about
the
case’s
outcome
and
that
it
will
help
with
regulatory
clarity
in
the
U.S.
The
company
remains
focused
on
its
commitment
to
its
U.S.
business
despite
its
efforts
to
grow
in
other
jurisdictions,
including
the
U.K.,
which
Armstrong
said
is
Coinbase’s
second
biggest
market.
“We
started
the
company
in
the
U.S.
and
we’re
committed
to
staying
there
and
we’re
going
to
grow
there
because
it’s
a
big
market.”
Armstrong
also
said
the
race
to
launch
a
spot-bitcoin
ETF
is
“monumental”
for
the
industry.
“It’ll
bring
in
new
sources
of
capital
into
crypto
that
aren’t
able
to
participate
directly
today
and
I
think
it’d
be
a
legitimizing
outcome
for
the
industry,”
he
said.