Coinbase CEO Criticizes Singapore For Tightening Regulations On Retail Trading

Recently, the CEO of Coinbase, Brian Armstrong, attended the Singapore Fintech Festival (SFF) 2022 event. On this occasion, he stated that regulation can protect retail users of the crypto assets while enabling Web3 innovations.

Brain stated that Singapore wants to be a Web 3 hub, but it is not agreeing on crypto trading. Singapore is one of the Southeast Asian nations that doesn’t have strict regulations on trading crypto assets. But recently, the nation has tightened certain regulations on the cryptocurrencies. It also banned the advertising of crypto markets on public and social media.

The Coinbase CEO stated that Singapore has the capability to turn the nation into an internet hub, which helps the nation for retail trading. He further stated, “I would like to see Singapore embrace retail trading and self-hosted wallets.”

Coinbase, announced its third quarter earnings, which show a decline in the profits. Due to weak market conditions and lawsuits filed against Coinbase, revenue fell to $576.4 million (USD), a decrease of 28% from second quarter earnings. Its net loss was reduced to $544.6 million (USD).

In the previous week, Coinbase got an approval from the MakerDAO community that it would be allowed to utilize 1.5% APY on the USDC treasury holdings. The users in the United States, United Kingdom, and the European Union will earn up to 1.5% APY on their USDC coin.

Recently the Singapore-based Bitdeer company has emerged as a leading Bitcoin miner platform that provides services across the United States and Norway. It is a mining platform where users are provided with facilities like cloud hosting solutions and digital currency mining.

Last year, Jihan Wu co-founded one of the largest Bitcoin mining machine manufacturers, called Bitmain Technologies Ltd, which contributed nearly $5.6 billion (USD) in revenue generation. Recently, Wu purchased Le Freeport for $28.4 million (USD). Le Freeport is a “high-security storage and display facility in Singapore.”