Coinbase CEO Brian Armstrong believes that the recent settlement between Binance and the U.S. Department of Justice marks the end of a chapter for the cryptocurrency industry. Armstrong stated in an interview with CNBC International that the enforcement action against Binance has allowed the industry to turn the page and close the chapter of crypto’s history that involved bad actors.

Armstrong also commented on the failure of companies that attempt to take their business offshore, citing the examples of Binance and FTX. He argued that it may be easy to get big fast by skirting the rules, but companies will always come crashing back down to reality.

While Coinbase is still battling with U.S. regulators on allegations of operating an unregistered broker, exchange, and clearing agency simultaneously, Armstrong expressed confidence in the case’s outcome and believes that it will help with regulatory clarity in the U.S.

Despite Coinbase’s efforts to expand in other jurisdictions, the company remains committed to its U.S. business, which Armstrong stated is the company’s biggest market. The CEO also noted that the race to launch a spot-bitcoin ETF is monumental for the industry as it will bring in new sources of capital and be a legitimizing outcome for the industry.

Armstrong’s comments suggest that Coinbase is focused on complying with regulations and growing responsibly. The company’s commitment to its U.S. business and the potential launch of a spot-bitcoin ETF demonstrates its long-term vision for the cryptocurrency industry.