The CEO of Australian cryptocurrency exchange Coinjar is unconcerned by the “regulatory risk” of the sector as the company seeks to establish itself in the United States.
Asher Tan, the CEO and co-founder of Coinjar, said he saw opportunities despite a recent wave of U.S. crypto companies raising concerns about the government’s approach to regulation in an interview with The Australian on May 1.
“Where other exchanges see regulatory risk, we see opportunity,” he continued, “and we believe the American market will reward an exchange with our unparalleled compliance bona fides.” He continued, “We’ve always understood that regulation has a key role to play in crypto’s future.”
Melbourne-based Coinjar was established in the latter part of 2013. It was one of the first exchanges to enter the Australian market, and in September 2021, it also obtained a license to operate there. It is said to have 500,000 customers between the two nations.
A single open position for an anti-money laundering (AML) compliance officer was listed by Coinjar as the company’s U.S. development ambitions got underway in May.
“As CoinJar enters the US market, we are looking for an AML Compliance Officer. The successful applicant will be responsible for implementing procedures to ensure adherence to all relevant programs and regulations, including the AML/OFAC Program, and will report to the Head of Legal & Compliance and the Board.
Tan opined that Coinjar’s emphasis on legal compliance will be essential for it to succeed in a challenging climate like the United States.
While he acknowledged that “not every company is able or willing to satisfy this criteria, CoinJar believes we’re well suited to take on this challenge,” he added that “licensing is done at a state level in the US, so we will be gradually adding states until we can get close to full coverage of states.”
Although the concept seems promising in theory, American exchanges like Coinbase serve as an illustration of the difficulties Coinjar might encounter.