Coinbase plans to move offshore due to “severe lack of clarity from SEC”

On April 19, Coinbase announced its plans to move offshore as part of a drive to update its “global scale to go broad and deep.” This comes amid unclear regulations by the SEC and has resulted in widespread suspicion among crypto investors.

What is the SEC?

The Securities and Exchange Commission (SEC) is a regulatory agency in the United States responsible for enforcing federal securities laws. The SEC aims to facilitate capital formation, maintain fair and orderly markets, and protect investors. The agency has closely monitored the cryptocurrency industry in recent years and has taken an increasingly active role in regulating crypto-related activities. The SEC recently issued a Wells notice to Coinbase, indicating impending legal action. This move was part of a broader crackdown by US regulators on crypto companies, which has caused frustration in the industry and raised concerns about the future of cryptocurrency innovation in the US.

What is Coinbase?

Coinbase is the largest cryptocurrency exchange in the United States, providing a platform for users to buy, sell, and store various digital currencies. The exchange was founded in 2012 and has since become one of the most prominent players in the crypto industry. The exchange’s CEO, Brian Armstrong, expressed his frustration at the current regulatory situation and hinted at the possibility of relocating or investing more in other regions of the world if regulatory clarity does not emerge in the US. Recently, Coinbase received a regulatory license from the Bermuda Monetary Authority (BMA), indicating its intention to move offshore. Bermuda was chosen because of its comprehensive digital assets regulation, cooperation, and highly respected and experienced financial regulator (BMA).

How can Avorak AI help amid these developments?

Avorak is an AI ecosystem powered by the AVRK token. Avorak’s AI algorithms can help monitor and analyze regulatory changes in the crypto industry, providing valuable insights to businesses and investors. Additionally, Avorak AI algos can help crypto projects ensure that they comply with applicable laws and regulations. Avorak can identify suspicious transactions and flag potential violations, helping exchanges avoid fines and penalties. Additionally, AI algorithms can automate compliance-related tasks, saving time and reducing costs.

Avorak AI, through its AI trading bot, can also assist in tracking and analyzing market data, such as prices, volume, and sentiment, which can help traders and investors make informed decisions. The Avorak Trade bot can also automate trades on different exchanges based on users’ preferences and overall market movements. The AI trade bot also generates large indicators for traders and includes services like TradingView to offer enhanced visualizations.

Avorak AI is developing a long list of AI solutions that can benefit large-scale businesses and individual users. AVRK will be used to pay for these services and other utility functions within the Avorak AI network. The AVRK token is currently only available through Avorak’s ICO (Initial Coin Offering) event. However, after launching the Avorak AI project, AVRK can be bought and sold on various exchanges. AVRK is selling at $0.210 in phase 5 of the ICO, with its launch price set at $1. Considering its growth potential, analysts believe that AVRK’s current price is highly discounted.

The bottom line

Despite the regulatory uncertainty facing the crypto industry, businesses and users can stay ahead of the market curve with the help of AI algorithms. Avorak AI offers unparalleled advantages with its first-to-market strategy, ease of use, AI-blockchain combination, and other competitive advantages.

To get more information on Avorak AI:

Website: https://avorak.ai
Buy AVRK: https://invest.avorak.ai/register 

Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or crypto projects mentioned in this piece; nor can this article be regarded as investment advice.