{"id":7842,"date":"2023-05-12T12:30:36","date_gmt":"2023-05-12T16:30:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-leaders-turn-to-the-uae-as-frustration-grows-with-us-regulators\/"},"modified":"2023-05-12T12:30:37","modified_gmt":"2023-05-12T16:30:37","slug":"crypto-leaders-turn-to-the-uae-as-frustration-grows-with-us-regulators","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7842","title":{"rendered":"Crypto Leaders Turn to the UAE As Frustration Grows With US Regulators"},"content":{"rendered":"<div>\n<p>Some cryptocurrency leaders are turning to the United Arab Emirates as others are showing irritation with US regulators.<\/p>\n<p>Saqr Ereiqat, co-founder of venture-building firm Crypto Oasis, told <u>CoinTelegraph<\/u> that the UAE checks all the boxes in terms of countries\u2019 \u201cregulatory infrastructure, digital infrastructure and its ability to attract a global pool of talent.\u201d\u00a0<\/p>\n<p>The UAE checks all those boxes, Ereiqat said.\u00a0<\/p>\n<p>Ereiqat spoke at the <u>Dubai Fintech Summit<\/u> this past week.\u00a0<\/p>\n<p>Ereiqat also told CoinTelegraph that the UAE has taken a more proactive approach to crypto regulation when compared to the US.\u00a0<\/p>\n<h2>Frustration in the US\u00a0<\/h2>\n<p>Binance\u2019s Chief Strategy Officer Patrick Hillman <u>criticized<\/u> crypto regulations in the US this week, saying enforcement of those rules have \u201cbeen very confusing over the past six months.\u201d<\/p>\n<p>Hillman admitted that the country\u2019s status as a \u201cweird place\u201d in terms of crypto rules has made it difficult for Binance to work in the country.\u00a0<\/p>\n<p>Coinbase has been going so far as to possibly <u>leave<\/u> the US if regulators don\u2019t clarify their approach to regulating digital assets.<\/p>\n<p>&#8220;Anything is on the table, including relocating or whatever is necessary,&#8221; he said last month during the Innovate Finance Global Summit Tuesday after former UK Chancellor George Osbourne asked whether he could see Coinbase leaving the US, The Telegraph reported.\u00a0<\/p>\n<h2>Regulators\u2019 stance<\/h2>\n<p>US Securities and Exchange Commission Chair Gary Gensler has repeatedly said that most cryptocurrencies are securities, while calling on crypto platforms to register with the agency.<\/p>\n<p>US regulators have brought enforcement actions against both Binance and Coinbase in the past few months.<\/p>\n<p>The SEC sent Coinbase a \u201cWells notice,\u201d in March, threatening the crypto exchange with legal actions in connection to its staking service Coinbase Earn and other products.<\/p>\n<p>The US Commodity Futures Trading Commission <u>sued<\/u> Binance and its founder Changpeng Zhao in March for allegedly knowingly offering unregistered crypto derivative products in the US, which is against the law.\u00a0<\/p>\n<p>CZ tweeted \u201c4\u201d in response to the CFTC\u2019s lawsuit \u2014\u00a0his code for showing that he does not agree with something.\u00a0<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/crypto-leaders-turn-uae-as-frustration-grows-with-us-regulators.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some cryptocurrency leaders are turning to the United Arab Emirates as others are showing irritation with US regulators. Saqr Ereiqat, co-founder of venture-building firm Crypto Oasis, told CoinTelegraph that the UAE checks all the boxes in terms of countries\u2019 \u201cregulatory infrastructure, digital infrastructure and its ability to attract a global pool of talent.\u201d\u00a0 The UAE [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-7842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Leaders Turn to the UAE As Frustration Grows With US Regulators | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Some cryptocurrency leaders are turning to the United Arab Emirates as others are showing 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