Australian cryptocurrency exchange begins expansion in the US despite concerns about regulation

In a recent interview, Coinjar CEO and co-founder Asher Tan said, “While other exchanges are concerned about regulation, we see it as an opportunity.”

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The CEO of Australian cryptocurrency exchange, Coinjar, is not worried about the risks associated with regulations as the exchange plans to expand its presence in the United States.

Coinjar CEO and co-founder Asher Tan gave an interview to The Australian on May 1, where he stated that despite concerns raised by other US cryptocurrency firms regarding the government’s regulation approach, he saw it as an opportunity.

He further said:

“We have always known that regulations play an important role in the future of cryptocurrencies and we believe that the US market will appreciate our unmatched compliance record as an exchange.”

Coinjar is a company located in Melbourne that was established in 2013. It was among the first exchanges to be introduced in Australia, and it was granted permission to operate in the United Kingdom in September 2021. The business is said to have approximately 500,000 clients in these two countries.

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Coinjar CEO Asher Tan. Source: Twitter

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In May, Coinjar started its expansion plan in the US by advertising one job for an anti-money laundering compliance officer.

Coinjar, an Australian cryptocurrency exchange, started expanding its business to the United States in May. To start the process, the company posted a job listing seeking an anti-money laundering (AML) compliance officer. The chosen candidate will report to the Head of Legal & Compliance and the Board and will take charge of the relevant programs and policies, including the AML/OFAC Program, and implement processes to ensure they are followed.

Tan thinks that Coinjar’s emphasis on following regulations will help them succeed in a challenging environment like the United States.

CoinJar will expand its operations in the United States by gradually adding states until it reaches full coverage of the country, according to CEO Asher Tan. He added that CoinJar’s focus on regulatory compliance sets it apart from other companies and that the exchange is well-suited to tackle the challenge of operating in a difficult regulatory environment.

Although it sounds like a good idea, Coinjar might face challenges similar to those that Coinbase faced when entering the U.S. market.

Coinbase has said that it has tried to have conversations with the Securities and Exchange Commission (SEC) to make sure it follows the rules, but it hasn’t worked out well for them.

On March 22, the SEC sent a Wells notice to Coinbase, which is like a warning that they might take legal action against the company for violating securities law with some of its offerings. Coinbase claims that they had already informed the SEC about such an offering before going public.

Coinbase filed a request in federal court asking the SEC to create more clear rules for the cryptocurrency industry in the United States. They did this after receiving a Wells notice from the SEC, which threatened legal action against the firm for allegedly violating securities law with some of its offerings. Coinbase argued that it had previously disclosed the offering to the SEC before being allowed to go public.

At a conference on April 27, Coinbase’s Chief Legal Officer, Paul Grewal, stated that the company is asking for clear regulations and rules that make sense for cryptocurrency technology so they can be registered with regulatory bodies.