The Australian division of the trading platform Webull exited the market two years ago. This week, Webull relaunched its cryptocurrency trading services in the United States, and just a few days later, it launched related services in Australia.

Webull Australia announced on Wednesday that the platform will offer trading services for 240 cryptocurrencies through a partnership with Coinbase Prime.

Rob Talevski, CEO of Webull Securities Australia, stated, "Incorporating cryptocurrencies and tokens into the Webull platform is the next phase of our mission to continuously provide Australian investors with the products they need for free trading."

On Monday, Webull relaunched its cryptocurrency trading services in the U.S. due to a more favorable cryptocurrency policy environment. The company had suspended cryptocurrency trading services during the Biden administration in 2023 while planning for an IPO.

Webull CEO Anthony Denier told Bloomberg on Monday that the company's suspension of cryptocurrency trading services in the U.S. was not what customers expected. "This is actually a natural move in response to customer demand."

In another statement on Monday, the company indicated that it expects to enter more markets in the coming months. Earlier this year, Webull launched cryptocurrency trading services in Brazil.

Webull (BULL) shares closed down 2.67% on Monday. On Tuesday, the stock remained relatively flat, closing up less than 0.3% at $15.

As Webull launches cryptocurrency trading services in Australia, concerns are growing in the local cryptocurrency industry about falling behind global developments.

Recently, the industry has called on the newly re-elected Australian Labor government to urgently prioritize digital asset legislation to ensure Australia does not fall further behind the global market.

Joy Lam, Head of Global Compliance and Legal for Binance in the Asia-Pacific region, recently told Cointelegraph, "The timing is indeed critical now; this has clearly been a topic of discussion and brewing for years."

Related: Bitwise first to submit spot Chainlink ETF application

Original: “Webull relaunches cryptocurrency trading services in the U.S., and just days later, its Australian market opens this business”

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