Amsterdam, Netherlands, 18 March 2022, ZEXPRWIRE, Speaking on the panel ‘Why are crypto exchanges still flourishing?’ at Crypto Expo Dubai on March 16, 2022, the Chairman of BigONE Exchange Anndy Lian and council member to Kishu Inu said he firmly believed in the sector’s long term prospects.
Video link : https://www.youtube.com/watch?v=n9Ov3MFCt8k
“All the good actors we have to understand why we’re here; is it because there is a chance to earn more money, a chance to earn a few million dollars on exit? That’s not true, people at Binance or FTX they are all looking at the long term investment in infrastructure, including investing in licenses, and most importantly investing in people, not just their own staff but also their community,” said Lian. “Is it better for an exchange to be located in the Seychelles versus Singapore or South Korea? It becomes a choice where you want to be regulated, where your community is,” he added.
Clearly, the crypto exchange industry is at a crossroads, with the sanctions against Russia together with incoming crypto regulation led by the US likely to lead to a significant change in how exchanges operate.
Until now exchanges outside the US which have largely ignored regulation have been at an advantage, allowing them to win as they benefited from lower overheads and restrictions. But as financial regulation starts to bite, this liberal regime which allowed global players like Binance to thrive is no longer the case. It was reported in December 2021 that Binance, the world’s largest cryptocurrency exchange with a daily turnover of US$76 billion, withdrew its application to start a cryptocurrency exchange in Singapore.
In the US the SEC amended rules published in January which expand its oversight to securities traded outside its supervision means that decentralized exchanges such as Uniswap, which traded more than $70bn in volume in January, could also be affected. US President Biden’s new executive order, directing agencies to work out a comprehensive approach to crypto currencies bodes well for the sector, but regulatory implementation will be key.
“In conclusion, I think there’s still a lot of good money out there to be made. It’s not just about Binance or FTX, if you in your jurisdiction do well, and create your own community and be truthful in your operations, whether a meme coin or layer 2, then there is sufficient money in the market, there are sufficient exchanges to be listed on for you to prosper; but overall, it’s going to be a long term process,” Lian remarked.
At this panel discussion, we are joined by Osama Bari (CTO, Difx), Peter Sumer (CEO, Bitmarkets), Mohammad Khalifa (CEO, Garantex), Shantnoo Saxsena (COO, Lbank) and Anndy Lian (Chairman, Bigone & Council Member, Kishu Inu Foundation) and moderated by Uptin Saiidi. Crypto Expo Dubai is the premier event for cryptocurrency investors, project developers and industry leaders to network, share innovation and create business relationships in the world’s fastest-growing financial country.
About BigONE Exchange
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.
About Crypto Expo Dubai 2022
Crypto Expo Dubai is the premier event for cryptocurrency investors, project developers and industry leaders to network, share innovation and create business relationships in the world’s fastest-growing financial country.
Name – Linda
E-mail – [email protected]
Company – BigONE Exchange