US cryptocurrency exchanges are setting up offshore venues in a hunt for overseas customers and to escape being ensnared in a regulatory blitz from US authorities.
Two of the largest venues, Nasdaq-listed Coinbase and Gemini, have stepped up plans to launch marketplaces outside the US following enforcement cases against domestic crypto companies.
US regulators have toughened oversight of the digital assets market following the failure of lenders such as Celsius Network and FTX, the exchange run by Sam Bankman-Fried. Besides targeting individuals, watchdogs have also deemed some products illegal in the US and forced companies to pull lucrative business.
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