Coinbase CEO Brian Armstrong emphasized his company’s commitment to compliance and trust-building in light of Binance’s significant fines and its CEO Changpeng Zhao stepping down after pleading guilty to criminal charges. Armstrong highlighted Coinbase’s long-term view, stating that compliance was crucial for establishing a trustworthy brand. He acknowledged the challenges of the compliant approach, noting that it’s more difficult and expensive. Despite facing regulatory scrutiny, particularly with the Securities and Exchange Commission, Coinbase sees the Binance situation as validation of its strategy. Coinbase’s Chief Legal Officer, Paul Grewal, criticized the U.S. regulation-by-enforcement approach, stating that it increases consumer risk and drives innovation away, emphasizing the need for legislation to ensure consumer protection and a responsible marketplace.
By FCCT Editorial Team

