Binance and Bitfinex, the permanent members of the TOP 10 largest exchanges in the global market of cryptocurrencies is going to leave Asia this year due to the impractical policies of regulators, who continue to exert pressure and impose one restriction after another.
After that Europe, despite the strict requirements of KYC/AML seems to be more reliable refuge, primarily due to greater stability and conservatism of state policy.
Binance and Malta
Last week the exchange Binance left Asia and moved all operations to Malta. In an official statement the team of the platform and its Director, Chanpen Zhao (Changpeng Zhao) said that it has reached an agreement with the government of Malta in the framework of turning the country into a «blockchain». Zhao said:
«After meeting with the parliamentary Secretary Silvio Schembri (Silvio Schembri), we were impressed with the logical, clear and visionary nature of the actions of the leadership of Malta. We are convinced that Malta will become a centre for the development of innovative, blockchain-companies in Europe. Binance agrees to provide their knowledge to help form a competent regulatory framework, as well as to allow other blockchain startups to develop in Malta».
Some time ago Binance has clarified its position in relation to trade digital currencies for traditional money and said with certainty to its investors and users that it plans to integrate pairs trading cryptocurrencies and Fiat money is not far off. Moving exchange to Malta, which promises the emergence of new banking partners will allow Binance easy to implement ideas without causing problems with regulators and providers of banking services.
In addition, the site recently announced
plans to launch its own decentralized exchange Binance Chain. While the concept of a decentralized exchange undermines the existence and necessity of centralized exchanges, the goal of the team Binance from the beginning was to provide various services to their customers. Therefore, considering the development plans of the company, the transition from trade to crypto decentralized exchange and trading over traditional currency is a logical direction of development.
Bitfinex and Switzerland
Another major Asian platform considering the possibility of moving. Recently it became known that Bitfinex seriously thinking about moving to Switzerland. The Swiss Canton of Zug is not the first year is known for its positive attitude towards cryptocurrencies, and it is even often referred to as «Cryptocoryne». Not so long ago the authorities issued
fairly detailed guidelines for the conduct of the ICO, which will help companies to operate in accordance with local laws.
Bitfinex CEO Jean-Louis van der Velde (Jean-Louis van der Velde) said that the company had held constructive talks with the Swiss authorities considering the possibility of moving from Asia to Switzerland.
«We are looking for a new home for Bitfinex and its management company iFinex where we can combine the operations previously scattered in different locations,» said van der Velde.
Moving Bitfinex from Hong Kong and Taiwan to Switzerland will lead to the fact that two of the biggest cryptocurrency exchanges in the world prefer Europe to Asia. If their actions would provoke a displacement of the leading cryptocurrency companies from Asia to Europe due to instability in the regulation, this may lead to the fact that Japan, South Korea and Hong Kong lose its dominance over the world market of cryptocurrencies.