Coinbase (NASDAQ:COIN) stock is on the move Thursday following reports that the crypto exchange has secured a license in Bermuda.
That license would allow the company to set up an off-shore crypto exchange. This makes sense as the crypto market in the U.S. has experienced trouble with regulators cracking down on the space. An off-shore exchange would alleviate some of those troubles.
Coinbase also isn’t wasting any time with preparation for its off-shore crypto exchange. The company is reportedly looking to launch its crypto exchange in Bermuda in the coming weeks, but a hard date isn’t set.
For the record, Coinbase hasn’t confirmed the license reports and is refusing to comment on the matter. Regulators in Bermuda also haven’t confirmed that a crypto exchange license has been awarded to the company.
How This Affects COIN Stock Today
Despite the offshore crypto exchange news, shares of COIN stock aren’t seeing much activity today. Worries must still be weighing on traders as only about 3 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is well above that at roughly 19.7 million shares.
COIN stock is down 1.4% as of Thursday morning. However, the stock is up 89.2% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
