Coinbase Global ( NASDAQ: COIN ) CEO Brian Armstrong dialed back on a suggestion he made last month that the cryptocurrency exchange may consider relocating outside the U.S., CNBC reported Monday, citing an interview at a fintech conference in Dubai. While Coinbase ( COIN ) has been plagued with increased regulatory scrutiny in the country, the company "is not going to relocate overseas,” Armstrong told CNBC, adding “we’re always going to have a U.S. presence ... But the U.S. is a little bit behind right now” in terms of crypto regulation. COIN, meantime, sank 6% in Monday morning trading, as bitcoin ( BTC-USD ) and other major tokens faced downward pressure amid fellow crypto exchange Binance's withdrawal issues . The bulk of Armstrong's remarks focused on the U.S. Securities and Exchange Commission, which sent a warning to Coinbase ( COIN ) in March that the regulator recommended enforcement action against the company for allegedly selling unregistered securities to investors. COIN is disputing the Wells Notice, having sued the SEC toward the end of April. SEC Chair Gary Gensler is not "necessarily trying to regulate the industry as much as maybe curtail it," Armstrong contended, as quoted by CNBC. "But he’s created some lawsuits, and I think it’s quite unhelpful for the industry in the U.S. writ large, but it also is an opportunity for Coinbase to go get that clarity from the courts that we feel will really benefit the crypto industry and also the U.S. more broadly.” All in, COIN is looking to boost its overseas investments, Armstrong said , citing interest in the crypto-friendly United Arab Emirates. Note, the company last week debuted an offshore crypto derivatives exchange in Bermuda , a move that Needham predicted could rake in up to $200M a year. More on Coinbase Global Here Are The Big Problems Dogging Coinbase (Aside From The SEC) Coinbase Stock: Don't Fight The SEC Coinbase stock drives higher after Q1 earnings beat on cost controls
