The Australian arm of the trading platform Webull has launched crypto services in Australia just days after relaunching its crypto offering in the US after exiting the market around two years ago.
Webull Australia said on Wednesday that the platform will offer 240 cryptocurrencies in a partnership with Coinbase Prime.
“The addition of cryptocurrencies and digital tokens to the Webull platform represents the next phase of our ongoing mission to provide Australian investors with the freedom to trade what they want,” Webull Securities Australia CEO Rob Talevski said.
It comes after Webull relaunched its crypto offering in the US on Monday amid a friendlier policy environment for crypto. The firm pulled its crypto service in 2023 under the Biden administration, around the time it was attempting to go public.
Webull mulls expanding into more regions
Webull CEO Anthony Denier told Bloomberg on Monday that when the firm removed crypto services from the US, it was against what their customers wanted. “It’s a natural sort of return to what our clients expect.”
In a separate statement on Monday, the firm said it anticipates expanding into more markets over the coming months. The company launched crypto trading in Brazil earlier this year.
Shares in Webull (BULL) closed trading on Monday down 2.67% and its stock price traded flat on Tuesday, closing trading up under 0.3% at $15.
BULL is up 1.25% over the past five trading days. Source: Google Finance
Australian market entry comes amid local industry concerns
Webull’s move to offer crypto in Australia follows growing concerns about falling behind global developments in the local crypto industry.
The industry recently called on the newly reelected Labor government to urgently prioritize digital asset legislation to ensure Australia doesn’t fall further behind global markets.
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Binance’s head of global regulatory and APAC legal, Joy Lam, recently told Cointelegraph, “timing is really quite critical now because obviously it’s something that has been discussed and kicked around for quite a few years.”
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