One of the leading bank-backed cryptocurrency fintech companies Circle will move its operations offshore with a new office in Bermuda, Yahoo! Finance reports.
The company has reportedly decided to shift its business due to "mounting regulatory pressures in the United States."
Circle CEO Jeremy Allaire said that approximately 70% of Poloniex users hail from beyond the U.S. and the new Bermuda-based entity will handle those accounts from now on.
"Europe and Asia are both pretty significant markets for us in particular. The lack of regulatory frameworks significantly limits what can be offered to individuals and businesses in the U.S.," Allaire added.
Circle is a famous Goldman Sachs-backed fintech startup that purchased popular in the U.S. cryptocurrency exchange Poloniex at the beginning of 2018. The startup also has its own stablecoin — USD Coin (USDC).
Earlier this year, the company signed an agreement with Nice Actimize to develop the crypto market surveillance technology,
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