Topic: Discussion | The Crypto Exchange Clears Chinese Users, Depression or Rebirth? (Read 60 times)
January 10, 2022, 06:35:07 AM
Very interesting thread!! As the crypto assets have ceased many new current openings for Mainland chinese users
January 08, 2022, 04:14:10 AM
The darkest hour for exchanges
Huobi finished the last step to clear mainland China’s users on December 31, 2021. “Sorry, guys!”Li Lin, the founder of Huobi, posted a message on the social medial, which causes an industry earthquake. “even without Huobi, there are Binance and OK, but nobody can take the place of my role in my parent and my children. If someone is disappointed, I’m very sorry.”
Of course, it’s just the tip of the iceberg of the Chinese cryptocurrency circle’s great retreat. Such the leading exchange as Binance, OKEx, and AEX have closed the service for Chinese users, Feixiaohao and Aicoin also stopped the access coming from Mainland China, and Sparkpool and other pools were closed. Chinese crypto market was in deep waters, Meanwhile, the abroad is not also optimistic. Many areas like Korea, America, and Singapore began to rectify the cryptocurrency market. Supervision, taxation, and anti-money laundering have become crucial problems in the industry.
Hobson’s choice, close or go out
“Going out of China, that is the blue sea of the crypto market.”
China, America, Korea, and Japan are always the main market of cryptocurrency. But with the development of the myth of crypto earning, Russian, India, Turkey, and Brazil’s users increase sharply, becoming the competitive strategic location for goingout of exchanges.
Before the deadline of clear, AOFEX server was closed, the founder went missing, and the team was arrested. Small exchanges such as Coinbene and Bione all shut down. Withdrawal limit, market crushing violently, internet disconnected, small exchanges eat anything at all, and the panic spreads among investors around the whole currency circle of mainland China.
Unlike irresponsible exchanges that choose to close or run away, Going out has become the only way for leading exchanges. China’s policy completely cleared cryptocurrencies’ mining and trading in 2021. But in the past ten years, The crypto seed has been taking root. In 2022, the trader and developer will continue staying in the crypto market. Brokeback for survival, Full going out, applying for foreign compliance license, many old exchanges start the path to rebirth.
Although there is no shutdown policies imposed by the Chinese government, it’s not optimistic for exchange overseas, with numerous policies also impeding the goingout. The South Korean government stipulated that exchanges must register as a legal platform with their FIU before September 24 and obtain a security certification issued by a cyber security agency if continuing to operate in the South Korea. Meanwhile, exchanges must cooperate with South Korea’s native banks to ensure the real-name system. The EU accelerates the making of MiCA bring crypto exchanges into regulation and the standard on regulation, ensuring transparency and establishing governance standards. They will also control interest of deposit and withdrawal of certain stablecoins and require existing stablecoins with authorization to be traded within the EU.
Although the United States could be more friendly to cryptocurrencies, regulations and policies have not been fully settled. The regulation of the SEC and the Federal Reserve's tax audit remain a nightmare for exchanges. The Japanese Financial Services Agency recognizes some cryptocurrencies, but the licenses are needed for the exchanges in Japan, and most of the exchanges with licenses are the Cryptocurrency Association or have a relationship with the local Financial Services Agency.
Chinese Exchanges GoingOut
MEXC
As one of the most controversial exchanges in the currency circle, the MEXC has always been known for its "Binance parasite", "low difficulty of listing" and "bold marketing", with a certain influence among the currency circle in mainland China. With the continuous tightening of mainland policies, MEXC has also closed all trading functions for users in mainland China on December 30, 2021, and delisted OTC of CNY, and its original Chinese management team will also all exit and will be taken over by new international capital.
Binance
On September 4, 2017, the People's Bank of China issued the "Announcement on Preventing the Risk of Token Issuance and Financing", suspending the direct trading of virtual currencies. At that time, the leading exchanges in China, such as Yunbi and Jubi, were shut down one after another. Binance, the newly establishment, took the lead in "going out". By frequently changing the website domain name and server address, it evaded the crackdown of the regulatory authorities and quickly won a large number of mainland users. It is precisely because of the early deployment of the global market that Binance has become the world's largest cryptocurrency exchange, with a huge user base around the world. With continuous investment, mergers and acquisitions, and incubation, it has the most complete ecological industry chain in the industry and has become the most successful case of Chinese exchanges going out. However, the asymmetry of its business is that Binance Global has a bumpy road to regulatory compliance. The soon-to-be-closed Binance Singapore is another major setback on the road to legalization of its main business in the international financial market.
Kucoin
Kucoin, which has just turned over from the hack in 2020, is one of the three Chinese exchanges that have successfully gone out. After experiencing the incident of asset theft, it was exposed by the global media, and the recovery of the assets made this accidental hacking event the best event marketing. The influx of global traffic has accelerated the globalization process of Kucoin, coupling with the arrival of the bull market, which have catalyzed the success of going out of Kucoin.
AEX
AEX, the third exchange that has successfully gone out, is one of the earliest exchanges in China. Its predecessor, BTC 38, has the same status as Jubi in the hearts of old players in the Chinese. Unlike Binance and kucoin, AEX's going out is arduous but steady. Marketing without hype, refusing big price movements in the capital market, and sticking to the bottom line, AEX has taken a step by step on its way to go out. From holding cross-industry financial summits to friendly contacts with regulators in various countries, AEX has explored a growing compliance path. Industry forward-looking research indicates, from DeFi, NFT to Metaverse, AEX keeps up with industry hotspots, strictly controls listing audits, and provides millions of users with the most secure digital asset services, becoming the first Chinese company to obtain both Canada and the United States financial regulatory licenses. By the end of 2021, AEX will be able to conduct foreign exchange trading, payments, digital asset trading and other business operations in many regions around the world. Cooperating with the global community, AEX has created a unique way of going out that "integrates information flow and encrypted asset flow at the same time", and has moved to the world at a fast speed, even attracting the attention and frequent reports of traditional head media in the United States, Singapore, Germany, and the United Kingdom.
The industry is facing a reshuffle, but opportunities still exist
The policy changes, it may be the Chinese government’s helpless choice to withdraw from the exchange. However, from the perspective of the long-term development, it is not bad for Chinese exchanges and users to give priority to other developed countries to explore mature regulatory solutions. In the financial market full of pyramid schemes and capital offerings, retail investors will always be the worst victims. Temporarily withdrawing from China is also the only way for the virtual currency trading market to embrace regulation and go formal.
In this context, more second- and third-tier exchanges have started to develop "new traffic" in order to cope with the competitive pressure from top exchanges such as Binance and AEX. At a time of change between regulatory and market shifts, the major cryptocurrency exchanges are in a "race to the bottom". To some extent, the process of regulation and capital "maturing" exchanges has also accelerated the competition and reshuffling among exchanges.Frank, director of the AEX Digital Finance Academy, said, "The exchange closures may be just the beginning, and a larger wave of exchange reshuffles is on its way." At the same time, Frank believes that in the future, compliance will be one of the most important aspects. Although regulation is a constraint, having a compliant license is equivalent to getting the endorsement of the local government, which is also a responsible reflection for users. In the future, AEX will cooperate with more regional governments and financial regulators to penetrate into the front line of cryptocurrency anti-money laundering and anti-fraud, and say No to poor quality projects!AEX is committed providing global users with compliant, secure and convenient digital asset investment services.
2021 has been a stormy and history-breaking year for the digital asset market as a whole. Both in terms of Bitcoin's new high price and institutional acceptance to retail adoption, cryptocurrencies have far surpassed any other period in the 10+ year history of their existence. This strong bull market, which started in the summer of 2020, has continued into late 2021. Part of the reason is that the dovishness of global monetary easing has promoted the risk appetite of market participants, in the field, that is also with innovative products and concepts such as DeFi, GameFi and Web3 attracting a large number of new external users to the crypto market. From Bitcoin to Doge, from DeFi to NFT, more and more people are joining the crypto world.
With the strict regulation and formalization of the industry, it is believed that cryptocurrencies will be more closely intertwined with the traditional market and interpret a new financial wealth story. The users who understand the market direction at this moment and try new things in advance at the forefront of financial technology will surely benefit the most. I understand that the AEX is conducting a new round of ILO (Initiate Lock Offering) activities at this time, and it may be the best time to join the investment in the crypto world.
https://www.aex.com/page/new_register.html#/regiterByInvite?from=q0731e
Huobi finished the last step to clear mainland China’s users on December 31, 2021. “Sorry, guys!”Li Lin, the founder of Huobi, posted a message on the social medial, which causes an industry earthquake. “even without Huobi, there are Binance and OK, but nobody can take the place of my role in my parent and my children. If someone is disappointed, I’m very sorry.”
Of course, it’s just the tip of the iceberg of the Chinese cryptocurrency circle’s great retreat. Such the leading exchange as Binance, OKEx, and AEX have closed the service for Chinese users, Feixiaohao and Aicoin also stopped the access coming from Mainland China, and Sparkpool and other pools were closed. Chinese crypto market was in deep waters, Meanwhile, the abroad is not also optimistic. Many areas like Korea, America, and Singapore began to rectify the cryptocurrency market. Supervision, taxation, and anti-money laundering have become crucial problems in the industry.
Hobson’s choice, close or go out
“Going out of China, that is the blue sea of the crypto market.”
China, America, Korea, and Japan are always the main market of cryptocurrency. But with the development of the myth of crypto earning, Russian, India, Turkey, and Brazil’s users increase sharply, becoming the competitive strategic location for goingout of exchanges.
Before the deadline of clear, AOFEX server was closed, the founder went missing, and the team was arrested. Small exchanges such as Coinbene and Bione all shut down. Withdrawal limit, market crushing violently, internet disconnected, small exchanges eat anything at all, and the panic spreads among investors around the whole currency circle of mainland China.
Unlike irresponsible exchanges that choose to close or run away, Going out has become the only way for leading exchanges. China’s policy completely cleared cryptocurrencies’ mining and trading in 2021. But in the past ten years, The crypto seed has been taking root. In 2022, the trader and developer will continue staying in the crypto market. Brokeback for survival, Full going out, applying for foreign compliance license, many old exchanges start the path to rebirth.
Although there is no shutdown policies imposed by the Chinese government, it’s not optimistic for exchange overseas, with numerous policies also impeding the goingout. The South Korean government stipulated that exchanges must register as a legal platform with their FIU before September 24 and obtain a security certification issued by a cyber security agency if continuing to operate in the South Korea. Meanwhile, exchanges must cooperate with South Korea’s native banks to ensure the real-name system. The EU accelerates the making of MiCA bring crypto exchanges into regulation and the standard on regulation, ensuring transparency and establishing governance standards. They will also control interest of deposit and withdrawal of certain stablecoins and require existing stablecoins with authorization to be traded within the EU.
Although the United States could be more friendly to cryptocurrencies, regulations and policies have not been fully settled. The regulation of the SEC and the Federal Reserve's tax audit remain a nightmare for exchanges. The Japanese Financial Services Agency recognizes some cryptocurrencies, but the licenses are needed for the exchanges in Japan, and most of the exchanges with licenses are the Cryptocurrency Association or have a relationship with the local Financial Services Agency.
Chinese Exchanges GoingOut
MEXC
As one of the most controversial exchanges in the currency circle, the MEXC has always been known for its "Binance parasite", "low difficulty of listing" and "bold marketing", with a certain influence among the currency circle in mainland China. With the continuous tightening of mainland policies, MEXC has also closed all trading functions for users in mainland China on December 30, 2021, and delisted OTC of CNY, and its original Chinese management team will also all exit and will be taken over by new international capital.
Binance
On September 4, 2017, the People's Bank of China issued the "Announcement on Preventing the Risk of Token Issuance and Financing", suspending the direct trading of virtual currencies. At that time, the leading exchanges in China, such as Yunbi and Jubi, were shut down one after another. Binance, the newly establishment, took the lead in "going out". By frequently changing the website domain name and server address, it evaded the crackdown of the regulatory authorities and quickly won a large number of mainland users. It is precisely because of the early deployment of the global market that Binance has become the world's largest cryptocurrency exchange, with a huge user base around the world. With continuous investment, mergers and acquisitions, and incubation, it has the most complete ecological industry chain in the industry and has become the most successful case of Chinese exchanges going out. However, the asymmetry of its business is that Binance Global has a bumpy road to regulatory compliance. The soon-to-be-closed Binance Singapore is another major setback on the road to legalization of its main business in the international financial market.
Kucoin
Kucoin, which has just turned over from the hack in 2020, is one of the three Chinese exchanges that have successfully gone out. After experiencing the incident of asset theft, it was exposed by the global media, and the recovery of the assets made this accidental hacking event the best event marketing. The influx of global traffic has accelerated the globalization process of Kucoin, coupling with the arrival of the bull market, which have catalyzed the success of going out of Kucoin.
AEX
AEX, the third exchange that has successfully gone out, is one of the earliest exchanges in China. Its predecessor, BTC 38, has the same status as Jubi in the hearts of old players in the Chinese. Unlike Binance and kucoin, AEX's going out is arduous but steady. Marketing without hype, refusing big price movements in the capital market, and sticking to the bottom line, AEX has taken a step by step on its way to go out. From holding cross-industry financial summits to friendly contacts with regulators in various countries, AEX has explored a growing compliance path. Industry forward-looking research indicates, from DeFi, NFT to Metaverse, AEX keeps up with industry hotspots, strictly controls listing audits, and provides millions of users with the most secure digital asset services, becoming the first Chinese company to obtain both Canada and the United States financial regulatory licenses. By the end of 2021, AEX will be able to conduct foreign exchange trading, payments, digital asset trading and other business operations in many regions around the world. Cooperating with the global community, AEX has created a unique way of going out that "integrates information flow and encrypted asset flow at the same time", and has moved to the world at a fast speed, even attracting the attention and frequent reports of traditional head media in the United States, Singapore, Germany, and the United Kingdom.
The industry is facing a reshuffle, but opportunities still exist
The policy changes, it may be the Chinese government’s helpless choice to withdraw from the exchange. However, from the perspective of the long-term development, it is not bad for Chinese exchanges and users to give priority to other developed countries to explore mature regulatory solutions. In the financial market full of pyramid schemes and capital offerings, retail investors will always be the worst victims. Temporarily withdrawing from China is also the only way for the virtual currency trading market to embrace regulation and go formal.
In this context, more second- and third-tier exchanges have started to develop "new traffic" in order to cope with the competitive pressure from top exchanges such as Binance and AEX. At a time of change between regulatory and market shifts, the major cryptocurrency exchanges are in a "race to the bottom". To some extent, the process of regulation and capital "maturing" exchanges has also accelerated the competition and reshuffling among exchanges.Frank, director of the AEX Digital Finance Academy, said, "The exchange closures may be just the beginning, and a larger wave of exchange reshuffles is on its way." At the same time, Frank believes that in the future, compliance will be one of the most important aspects. Although regulation is a constraint, having a compliant license is equivalent to getting the endorsement of the local government, which is also a responsible reflection for users. In the future, AEX will cooperate with more regional governments and financial regulators to penetrate into the front line of cryptocurrency anti-money laundering and anti-fraud, and say No to poor quality projects!AEX is committed providing global users with compliant, secure and convenient digital asset investment services.
2021 has been a stormy and history-breaking year for the digital asset market as a whole. Both in terms of Bitcoin's new high price and institutional acceptance to retail adoption, cryptocurrencies have far surpassed any other period in the 10+ year history of their existence. This strong bull market, which started in the summer of 2020, has continued into late 2021. Part of the reason is that the dovishness of global monetary easing has promoted the risk appetite of market participants, in the field, that is also with innovative products and concepts such as DeFi, GameFi and Web3 attracting a large number of new external users to the crypto market. From Bitcoin to Doge, from DeFi to NFT, more and more people are joining the crypto world.
With the strict regulation and formalization of the industry, it is believed that cryptocurrencies will be more closely intertwined with the traditional market and interpret a new financial wealth story. The users who understand the market direction at this moment and try new things in advance at the forefront of financial technology will surely benefit the most. I understand that the AEX is conducting a new round of ILO (Initiate Lock Offering) activities at this time, and it may be the best time to join the investment in the crypto world.
https://www.aex.com/page/new_register.html#/regiterByInvite?from=q0731e
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