The Australian branch of the trading platform Webull has introduced crypto services in Australia just days after reintroducing its crypto offerings in the US, following a two-year hiatus from the market.
Webull Australia announced on Wednesday that it will provide 240 cryptocurrencies through a partnership with Coinbase Prime.
“The incorporation of cryptocurrencies and digital tokens into the Webull platform signifies the next step in our mission to give Australian investors the freedom to trade their preferred assets,” said Webull Securities Australia CEO Rob Talevski.
This announcement follows Webull’s relaunch of its crypto service in the US on Monday, coinciding with a more favorable regulatory environment for crypto. The company had withdrawn its crypto services in 2023 under the Biden administration, while it was attempting to go public.
Webull considers expanding to additional regions
Webull CEO Anthony Denier shared with Bloomberg on Monday that when the firm ceased crypto services in the US, it did not align with customer desires. “It’s a natural return to meet our clients’ expectations.”
In a separate statement on Monday, the company indicated its plans to expand into more markets in the coming months. Earlier this year, the company also began offering crypto trading in Brazil.
Webull (BULL) shares closed down 2.67% on Monday and remained mostly steady on Tuesday, ending the day with a slight increase of under 0.3%, finishing at $15.
BULL has seen a rise of 1.25% over the last five trading days. Source: Google Finance
Entry into the Australian market comes amid local industry concerns
Webull’s decision to enter the Australian crypto market addresses rising concerns within the local industry about lagging behind global progress.
The industry has recently urged the newly reelected Labor government to promptly prioritize legislation concerning digital assets to ensure Australia keeps pace with global markets.
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Binance’s head of global regulatory and APAC legal, Joy Lam, recently told Cointelegraph, “timing is critical now because this is an issue that has been discussed for quite some time.”
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