BitBoy Crypto comments on Ripple’s expansion plans in Dubai, and Coinbase CEOs visit the city simultaneously.
Prominent cryptocurrency YouTuber Ben Armstrong (also known as BitBoy Crypto) has posted a cryptic message on Twitter today regarding Ripple’s recent expansion efforts in Dubai and Coinbase CEO Brian Armstrong’s visit to the city.
Ripple CEO Brad Garlinghouse Praised Dubai while confirming Ripple is expanding in Dubai.
Earlier today, Coinbase CEO praised the United Arab Emirates (UAE) for making significant efforts towards regulating cryptos.
Coinbase CEO praised the UAE for its developed stance on crypto. He praised UAE as the first dedicated crypto regulator, with a published rule book, a business-friendly environment, and solid customer protection laws. Armstrong added that he is enjoying his visit to the UAE.
The UAE ?? deserves a lot of credit for being forward thinking on crypto. First dedicated crypto regulator in the world, a clear rule book published (!), business friendly plus strong customer protections. Really enjoying my visit so far.
— Brian Armstrong ?️ (@brian_armstrong) May 8, 2023
BitBoy Crypto Reacts
Reacting to the tweet, BitBoy said Coinbase CEO visited Dubai the same day Ripple announced its Dubai expansion plans. He added a “thinking emoji” to the tweet, suggesting that he is deeply thinking about the coincidence.
Uncle Brian goes to Dubai and Ripple announces Dubai partnership on same day
? $xrp #xrparmy https://t.co/C4G08tUxHb
— Ben Armstrong (@Bitboy_Crypto) May 8, 2023
For context, both Ripple and Coinbase are victims of the SEC’s enforcement actions. While the SEC has already charged Ripple with violating securities laws over two years ago, the agency is considering whether to officially charge the San Francisco-based exchange.
Recall that the SEC issued a Wells Notice to Coinbase in February, which suggests that the regulator is recommending enforcement action against the exchange. Coinbase recently filed a reply, saying it does not facilitate trading assets that constitute securities.
Meanwhile, Ripple has expanded its presence in Dubai by opening a new office in the city. According to Ripple, 20% of RippleNet customers are based in the Middle East and North Africa (MENA).
With Armstrong stating that he is currently in UAE, BitBoy could be speculating that Coinbase might be considering leaving the United States. However, whether Coinbase will follow Ripple and open a regional office in Dubai remains to be seen.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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