Coinbase CEO Brian Armstrong expressed optimism about the future of the cryptocurrency industry following the recent settlement between Binance and the U.S. Department of Justice. In an interview with CNBC International at the Global Investment Summit in London, Armstrong stated that the resolution of Binance's legal troubles represents an opportunity for the industry to move past its history of bad actors.

Armstrong acknowledged that there have been a few bad actors in the crypto space but highlighted the enforcement action against Binance as a pivotal moment in turning the page on this chapter of crypto's history. He emphasized that the criminal actions faced by Binance and the now-bankrupt exchange FTX demonstrate that attempting to conduct business offshore is not a sustainable strategy. While Binance, a Hong Kong-based company, primarily operates in the Asia Pacific region, FTX was headquartered in the Bahamas.

The Coinbase CEO stressed the importance of adhering to regulations and argued that U.S.-based companies that have complied with regulatory requirements from the beginning should now be given the opportunity to grow. He cautioned against the temptation to bypass rules in order to achieve rapid growth, pointing out that such strategies inevitably lead to a crash back down to reality.

Coinbase itself is currently grappling with regulatory challenges in the United States. The exchange is facing allegations that it operated an unregistered broker, exchange, and clearing agency simultaneously. However, Armstrong expressed confidence in the case's outcome and believes that it will contribute to greater regulatory clarity for the industry in the U.S.

Despite their efforts to expand into other jurisdictions, Coinbase remains dedicated to its U.S. business, which Armstrong identified as the company's largest market. He emphasized the commitment to growing within the United States due to its significant market size.

Armstrong also acknowledged the significance of the race to launch a spot-bitcoin ETF, describing it as a monumental development for the entire industry. He believes that the availability of a bitcoin exchange-traded fund would bring in new sources of capital that are currently unable to participate directly, ultimately legitimizing the cryptocurrency sector.

The recent settlement between Binance and the U.S. Department of Justice has given Coinbase CEO Brian Armstrong hope for the future of the cryptocurrency industry. As Coinbase continues its commitment to compliance and growth in the U.S., industry players eagerly await the potential launch of a spot-bitcoin ETF, which could further transform the landscape of digital assets.

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