Kenne Michael 
In light of ongoing developments surrounding Binance’s $4.3 billion settlement with US regulators, Coinbase CEO Brian Armstrong asserts that the many controversies and issues associated with Binance can now be definitively resolved within the crypto industry.
“The enforcement action against Binance, that’s allowing us to kind of turn the page on that and hopefully close that chapter of history,” Armstrong said in an interview with CNBC’s Joumanna Bercetche.
Brian Armstrong Applauds Smaller Crypto Firms
In a recent statement, Brian Armstrong emphasized the critical significance of regulatory clarity in attracting considerable investment, specifically from institutional entities.
Armstrong recognized the substantial impact that an array of crypto companies had on the development of the worldwide cryptocurrency economy and the overhaul of the financial system.
Notwithstanding their noteworthy endeavors, he observed that many of these organizations continue to function as small startups.
The demand for regulatory clarity indicates a more widespread sentiment within the industry, which is that well-defined regulations will promote the expansion of established crypto enterprises and inspire increased investment, especially from institutional investors.
Meanwhile, Binance experienced significant outflows after the US court’s settlement announcement.
As a result, a significant influx of investors took to Coinbase.
In response to apprehensions regarding the reputation of cryptocurrencies, Brian Armstrong, the CEO of Coinbase, contested the dominant belief that cryptocurrencies are primarily linked to illicit activities such as money laundering, terrorist financing, and fraudulent schemes.
He emphasized that, according to their observations, less than 1% participate in illicit activities in the crypto space.
Armstrong noted, in contrast, that the proportion of unauthorized uses of traditional currency frequently surpasses this figure.
Furthermore, his statements contradict the prevailing discourse that has discouraged certain financial institutions from adopting cryptocurrencies out of concern for regulatory compliance.
Brian Armstrong acknowledged the existence of “bad actors” in the cryptocurrency industry and pointed out that misconduct has occurred.
Additionally, he explicitly mentioned the Binance case, the FTX crypto exchange’s collapse, and the legal complications encountered by its founder, Sam Bankman-Fried, who was found guilty of fraud-related charges.
A Step Forward for Coinbase in the U.K.
Brian Armstrong is in attendance at the Global Investment Summit, an occasion held in the United Kingdom to promote foreign investment in the nation.
Notably, Coinbase is the only crypto company to have been extended an invitation to the summit.
Armstrong perceives this as a positive sign for the company, although not necessarily for the entire crypto industry.
In addition, Armstrong, expressing his admiration for the approach taken by U.K. Prime Minister Rishi Sunak regarding digital currencies, stated that Coinbase is augmenting its investments in the United Kingdom in reaction to the guidance provided by Sunak.
Ongoing efforts are being made to regulate digital assets, such as cryptocurrencies and stablecoins, in the United Kingdom.
Meanwhile, Coinbase is presently entangled in a legal controversy with the U.S. Securities and Exchange Commission, wherein it is charged with allegedly violating securities laws through its platform.
