Webull’s Australian branch has introduced cryptocurrency services, just days after reinstating its crypto platform in the US following a two-year hiatus.
On Wednesday, Webull Australia announced it will provide 240 cryptocurrencies in collaboration with Coinbase Prime.
“Integrating cryptocurrencies and digital tokens into our platform marks a significant step in our mission to empower Australian investors with the flexibility to trade according to their preferences,” stated Webull Securities Australia CEO Rob Talevski.
This follows the relaunch of Webull’s crypto services in the US on Monday, coinciding with a more favorable regulatory atmosphere for cryptocurrencies. The company had halted its crypto services in 2023 during the Biden administration, while also aiming for a public offering.
Webull considers expanding into new territories
Webull CEO Anthony Denier revealed to Bloomberg on Monday that the discontinuation of crypto services in the US was not in alignment with client desires. “This is a return to fulfilling our clients’ expectations.”
In a separate announcement on Monday, the firm mentioned it plans to expand into additional markets in the coming months, having already launched crypto trading in Brazil earlier this year.
Webull’s shares (BULL) finished trading on Monday down 2.67%, with the stock remaining stable on Tuesday, closing up slightly at $15.
Entry into the Australian market amid local industry concerns
Webull’s initiative to provide crypto in Australia comes as industry stakeholders express concerns about lagging behind global advancements.
The local industry has recently urged the newly reelected Labor government to prioritize legislation on digital assets to prevent Australia from falling further behind international markets.
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Joy Lam, head of global regulatory and APAC legal at Binance, stated to Cointelegraph, “Timing is crucial now, as discussions have been ongoing for years.”
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