To say a few more words, Coinbase should only be considered a "restricted version" in non-compliant countries, as there is no legal way to deposit or withdraw funds. This also means losing one of Coinbase's strongest attributes.

USDC = USD

In simple terms, even if Coinbase fully opens KYC and address verification in mainland China, it is still highly likely that it cannot be related to cash, and there is no OTC (C2C) function familiar to everyone.

So is there any significance in registering for Coinbase? I believe it is meaningful to some extent. On one hand, Coinbase’s USDC yield is still 3.5%, which is significantly higher than the current average of less than 2% at exchanges, and it may even pressure some exchanges to raise their deposit rates.

Secondly, for users who want to trade options, Deribit has very good depth, and even some exchanges' dual currencies are based on Deribit's underlying.

Of course, currently the address verification is not fully opened; it is said that address proof in mainland China cannot pass verification. Some friends suggested to P one, which is not a very rational plan and may bury deep risks for one’s assets.

I personally suggest waiting; if I’m not mistaken, there should be a wave of special new user activities in the near future, especially after Deribit fully integrates with Coinbase, the registration rewards might be greater. If you register now and there are no substantial transactions, it might be better to wait and see.

@Gate Crypto, US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets one-stop

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