Two Biggest Crypto Currency Exchanges Might Exit Asia Due to Unfeasible PoliciesApril 3, 2018
Bitfinex and Binance, two of the biggest crypto currency exchanges on global digital currency markets might completely exit Asia this year mainly because of unfeasible policies.
Last week, Binance, one with the highest digital currency trading platform with about $1.4 billion trading volume daily exit Asia and moved to Malta which is a country within European Union. According to the official statement of Binance team and its renowned CEO Changpeng Zhao, better known as CZ within the community, they have agreed on the long term aim of Malta’s Government and that is to significantly evolve the country to Blockchain Island” .
CZ stated that upon meeting with Mr. Silvio Schembri, the Parliamentary Secretary, they were completely impressed by the clear, forward thinking and clear nature of the Malta’s leadership. Upon reviewing the proposal bill, they were convinced that Malta would soon be the next real hotbed for highly innovative companies and the center for Europe’s blockchain ecosystem. Binance is fully committed to lending their expertise to shape healthier regulatory framework and provide funds for more other blockchain startups to further grow industry in Malta.
Binance has also clarified its stance on crypto currency to fiat trading and told its users and investors which plan to incorporate crypto currency to fiat pairs aren’t on the horizon. However, moving to Malta and possible establishment of newest banking partners can allow Binance to easily add crypto currency to fiat pairs without conflicts and regulatory uncertainties with providers of banking services.
Binance has already revealed its plan of launching decentralized digital asset exchange known as Binance Chain. Tough the entire idea of decentralized exchange tends to defeat the purpose and make existence of the centralized exchanges unnecessary; the aim of Binance team, from the very beginning is to provide each and every service which can widely accommodate many users. Given the Binance’s development roadmap, it’s only logical for this company to move from the cryptocurrency-only trading. This is to decentralize the exchange into cryptocurrency-to-fiat-trading.
Also, another major exchange Bitfinex, a Hong Kong and Taiwan based trading platform processing cryptocurreny to US dollar trades, has actually been considering permanent relocation to Switzerland as previously reported by CNN. For several years, Zug and Switzerland have been widely known as the world’s block chain capital mainly because of their friendly regulations and policies towards the initial ICO projects as well as crypto currency businesses.
EOS is most notably the 6th biggest crypto currency the world based in Switerland having up to about $ 4.5 billion market valuations. They were actually looking for new and permanent home for Bitfinex and parent company iFinex where they wanted to merge operations formerly spread across many different locations.
Bitfinex relocation from Taiwan bound to Switzerland is believed to lead into two of the major cryptocurrency exchanges in the world leaving Asia to Europe within one month. If leading crypto currency businesses continue to exit Asia because of impractical regulations and policies to Europe, this can lead to South Korea, Hong Kong and Japan losing dominance over global markets. This is expected to trigger competitions between global economies to essentially house crypt currency businesses.
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