Summary
Coinbase has hired former UK Chancellor George Osborne to join its advisory council as the cryptocurrency exchange faces regulatory challenges and expands globally. This move reflects a trend of crypto companies seeking the expertise of ex-politicians to help navigate regulatory pressures. The UK’s Financial Conduct Authority has recently introduced rules regarding the marketing of crypto services, prompting firms like Binance and Copper Technologies to also hire former UK officials.
Key Points
1. Coinbase Global Inc. has hired former UK Chancellor George Osborne for its advisory council, indicating the company’s efforts to expand in overseas markets and navigate regulatory challenges.
2. The hiring of ex-politicians by cryptocurrency companies, such as Coinbase, has become a common strategy to address increasing pressures from regulators worldwide. In the UK, for example, the Financial Conduct Authority has recently imposed stricter rules regarding the marketing of crypto services.
3. Other firms operating in the crypto industry, including Binance Holdings Ltd. and Copper Technologies Ltd., have also sought the expertise of former UK officials to help them navigate regulatory complexities and maintain compliance.