This is a shocking confession: I have been a Coinbase user for years, on and off. This may be shocking to crypto veterans: I’ve had a public record of being a Coinbase critic.

The hashtag was largely a response to a piece I wrote for the late, lamented Breaker Magazine about Coinbase hiring several former leaders of a href=” members-helpedauthoritarians worldwide monitor journalists and dissidents/”>a black hat organization known as Hacking Team/a>. The hashtag was largely a response to an article I wrote in the now-defunct Breaker Magazine regarding Coinbase’s hiring of several former leaders from a Black Hat organization known as Hacking Team. Coinbase finally fired the questionable hires in response to public pressure. The execs also admitted that they had failed to do their due diligence.

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Coinbase announced Tuesday the opening of , its offshore cryptocurrency derivatives exchange. Normaly, I would also be ready to condemn that move because it could make Coinbase U.S. less trustworthy.

This is not something Coinbase does of its own accord. The move appears to be a reaction to U.S. Securities and Exchange Commission Chairman Gary Gensler’s ongoing crypto crackdown. This shambolic effort, as I see it, is frantically attempting to shut down fundamentally good actors like Coinbase after Gensler and Co. allowed the likes Celsius Network and FTX to ransack the entire ranch.

The good times. The boring times. Coinbase was completely inactive during those times.

When, for example, Brian Armstrong, the CEO, didn’t secretly transfer my money to a hedge fund. He didn’t waste my money on his exchange and then die with the keys to the remaining funds. Or when he did not lie to the public about Coinbase’s financial status. Or when his entire system did not collapse, and he did not flee from Serbia.

Brian Armstrong has never stolen from me, despite the mistakes made by Coinbase. This should be an easy standard to meet, but it is not. It seems that I was too busy demanding Coinbase to become an exemplary business when I should have been content with being able trust them with a small sliver my assets.

Coinbase is now looking a lot more like the less trustworthy competition. Coinbase International Exchange has no app or website and only uses via an API. This could be a foundation for a robust product or just the minimum needed to make a political statement. Gary Gensler may not care, but threatening to move its toys overseas could be a way for Coinbase to rally support against the crypto crackdown.

Uncertain is whether Coinbase’s ambitions to expand internationally go beyond this rhetorical threat. As a Coinbase customer, I certainly hope so. It’s unlikely that it will close down U.S.-based services. However, adding an international product which is less regulated and volatile will harm Coinbase’s trustworthiness.

This is because, inevitably, there will be a shared risk between Coinbase’s U.S. product and its new international offering. Coinbase U.S. customers face new risks, including financial stability, and ironically, regulation oversight. In the worst case scenario, an entity from abroad could become financially intertwined with the U.S. entity and make it more fragile.

See also: Coinbase Grew Rapidly By Working With U.S. Regulations. Opinion

Launching an international exchange may make Coinbase a more attractive target for the SEC. In a number of enforcement actions, the SEC has cited the use of international trades by U.S. clients via virtual private networks or false identities. It’s hard for an exchange to prevent this, but I would again bet that Coinbase will be extremely careful.

The shadow of uncertainty is growing. It’s not that Coinbase chose to betray me. Gary Gensler believes he is protecting me when he actually does the opposite.

Ben Schiller, Daniel Kuhn and Ben Schiller edited the book.