According to Brian Armstrong, CEO of American cryptocurrency exchange Coinbase (NASDAQ:COIN) Global Inc., the U.S. and Britain need to make their regulations for the crypto industry significantly explicit about stopping businesses from growing in “offshore havens”.

The bankruptcy of the Bahamas-based FTX exchange last year has emphasised the significance of large nations having clear crypto legislation, Armstrong said at a conference organised by the industry group Innovate Finance.

Because of this, Armstrong added, “we need clarity regarding domestic legislation and regulation because otherwise these firms will be established in offshore havens,” such as the UK and the US.

While some significant economies, like the European Union, have created cryptocurrency regulations, the US market is still mostly uncontrolled.

This year, U.S. regulators and law enforcement began a widespread crackdown on cryptocurrency businesses, targeting illegal offerings and violations of regulations to deter unlawful activity. The American Securities and Exchange Commission threatened legal action against Coinbase in March for a number of items.

However, the British finance ministry released its first set of regulations for cryptocurrencies in February, and the country’s financial watchdog urged the implementation of strict rules to “detoxify” the market in March.

Armstrong tweeted on Monday that Britain was “moving fast on sensible crypto regulation,” and he was “excited to keep investing in the UK” without going into further detail.

However, he expressed concern about British banks’ increasingly strict policies about consumers sending money to cryptocurrency exchanges to combat fraud.

For instance, leading UK lender NatWest implemented new restrictions on client transactions to bitcoin exchanges in March to safeguard clients from what it called “crypto-criminals.”

Armstrong tweeted, “some UK banks are blocking fiat payments to crypto companies which is not ok.” Fiat refers to conventional currencies.

“Good fraud controls make sense; a blanket ban does not (and is likely, not lawful).”