Coinbase, the popular cryptocurrency exchange, has announced that it will begin its international expansion journey in Singapore. The move comes as part of Coinbase’s efforts to provide its users with a seamless, safe, and convenient experience when trading digital assets.
The company has upgraded its retail platform, and it has a new strategic banking partnership with Standard Chartered, which is aimed at making the platform even more accessible and user-friendly.
Free bank transfers, Singpass, and upgraded help center
Effective immediately, Singaporean customers can easily transfer funds to and from their Coinbase account using any local bank in Singapore for free.
This feature provides users with more flexibility and control over their assets, allowing them to easily cash in or cash out of their Coinbase account using bank transfers.
Coinbase has also introduced Singpass, which is a familiar and secure “2-click” experience that Singaporeans are accustomed to using across their apps, making it even easier for users to join the platform.
Additionally, the top U.S. exchange has upgraded its Help Centre, and its team of experts is available to answer any questions users may have and provide support through an array of tools, including live chat.
Educational resources and regulatory compliance
The exchange’s platform offers over 200 assets, providing users with greater access to popular crypto assets such as Bitcoin and Ethereum.
The company also created Coinbase Learning, which is a comprehensive catalog of resources designed to educate customers about the crypto economy and provide tips for safely navigating the market.
Coinbase says it is proud to have received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to provide regulated Digital Payment Token (DPT) services in the island state.
The company says that compliance has always been a top priority for it, and it will continue to strive to be the most trusted and secure platform for trading digital assets.
As Singapore aims to become a global crypto and blockchain hub, the Brian Armstrong-led company has asserted that it is committed to supporting these ambitions and bringing the best product experience to the Singaporean market.
The company’s expansion into Singapore marks a significant step forward for the industry and is sure to provide significant benefits to users in the region.
Coinbase supports motion to dismiss SEC case
In a related development, Coinbase recently filed an amicus brief in support of a motion to dismiss a case brought by the United States Securities and Exchange Commission against former Coinbase product manager Ishan Wahi and others for insider trading.
Although Coinbase condemns the defendants’ conduct, the company supports their motion because of the SEC’s assumption that the exchange-listed securities are on its platform.
Coinbase denies selling securities but states that it would like to sell digital asset securities, were it not for the “state of uncertainty” in regulation.
The exchange noted that the Justice Department did not press securities law charges against the defendants in its case. Ishan Wahi pleaded guilty in that case, and his brother also pleaded guilty.
