NewsletterCoinbase (COIN) Shares Under Selling Pressure After Bermuda Expansion
Coinbase (COIN) shares continue to be under selling pressure amid heated discussions with the U.S. Securities and Exchange Commission (SEC) after recent regulatory crackdowns. Coinbase CEO Brian Armstrong is considering leaving the U.S. due to a lack of clear regulatory clarity.
COIN shares price skyrocketing over 100% this year from an all-time low gave some confidence to its investors and shareholders. COIN price has rallied from $33 to $84 year-to-date. However, Coinbase stock price continues to be under pressure amid downgrades, continued quarterly losses, and regulatory scrutiny.
Coinbase (COIN) stock price fell 4.19% to $64.44 on Wednesday, continuing its downfall of over 15% in a month. COIN stock price fell 1.44% to $63.51 in after-market hours, indicating a further fall in COIN shares prices, as per Yahoo Finance.
Coinbase’s offshore expansion plan to Bermuda and Abu Dhabi spurred fresh fears for investors. Analysts have downgraded COIN stock due to a decline in trading volumes despite Bitcoin price recovery and increasing operating expenses. Coinbase relied on layoffs to decrease its operating expenses. Traders anticipate further downfall in Coinbase stock price amid current market conditions.
Coinbase Bermuda and Abu Dhabi Expansion
Investors are disappointed after Coinbase announced that it has received a license in Bermuda. While the tax havens offered by Bermuda will increase Coinbase’s profits, moving out of the U.S. will be difficult for the firm. Coinbase Bermuda Ltd obtained a Class F License under the Digital Asset Business Act from the Bermuda Monetary Authority (BMA).
Moreover, Coinbase is seeking a license from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM) as part of the global expansion plan. The crypto exchange is actively expanding in Europe ahead of passing MiCA regulation by the European Parliament.
Meanwhile, investors question the U.S. SEC about why Coinbase was approved to go public in the country if it believes the exchange is operating illegally. The SEC believes all crypto are securities.
Also Read: Ethereum (ETH) Price Drops Under $2,000 As Dormant Whales Dump, Here’s Why It Can Recover Fast
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