Binance Inching Closer Back to Asia
After its foray into various parts of the world, Binance seems to be making its way back into Asia going by recent moves.
From China to Japan, then to Malta, the world’s largest cryptocurrency exchange by volume has had to move its operation in recent years for mostly regulatory-related reasons. It stopped its activities in China in 2017 when the country banned cryptocurrencies within its borders. And following the denunciation by the Maltese financial regulatory body that Binance has never been authorized to operate in the island nation, reports floated in February that the exchange has likely applied for a license to start operating from Singapore as its newest base.
Bloomberg reports that the exchange wants to take advantage of Singapore government’s new legislation – the Payment Services Act – which, among other things, seeks to make Singapore “among the first few financial services regulators in the world to introduce a regulatory framework for digital payment token services, or what are commonly understood as cryptocurrency dealing or exchange services.”
Now, Binance Academy, the exchange’s non-profit educational arm, on Tuesday March 31 announced it had established a blockchain research institute in China. The Lingang Research Institute is to be a hub for blockchain talent, a base to explore breakthroughs in blockchain technology and accelerate its application through integration with artificial intelligence, big data, the Internet of Things and other emerging technologies.
Don Tapscott, the Executive Chairman of the Blockchain Research Institute, notes that since research, education, and skill development are critical to blockchain which represents the second era of the Internet – the Internet of Value – to build innovative and productive organizations, collaborating with Lingang Blockchain Academy (under the Lingang Research Institute) will help achieve transformation in China.
Good to see Xinhua Finance carried the news of @BinanceAcademy entering Shanghai, pushing blockchain education and research.
For those who don't know, Xinhua is one of the key state medias in China.https://t.co/nKvIaynV5J https://t.co/9vkUNf6G8J
— CZ Binance 🔶🔶🔶 (@cz_binance) March 29, 2020
The exchange added the Chinese yuan to its list of traded currencies about a month ago and is also making an inroad into South Korea – which recently made an amendment to an Act of parliament to make cryptocurrency fully legal in the country – with the proposed introduction of the Korean won trading.
Of late, the exchange has reportedly made a $400 mln bid for the most popular cryptocurrency market data platform CoinMarketCap, which provides crypto and market cap rankings.
Though CoinMarketCap plans its first global conference, The Capital, in Singapore for November, in what way(s) the acquisition will serve the exchange has not been made quite clear. However, with its name and the resources it can pull together, a major benefit that comes to mind to be derived from acquiring CoinMarketCap would be web traffic.
According to SimilarWeb which provides market intelligence on the digital market, CoinMarketCap’s traffic overview beats Binance’s by a margin. Hence, driving traffic from the aggregator’s pages to the exchange is possible as it could lead to more users finding their way to trade on the Binance platform. CoinMarketCap’s API service is also robust and could be monetized especially if it gets demand from interested parties seeking crypto market data.
From Korea to India and China, the Asian region’s response to blockchain technology and the cryptocurrency industry has taken a new shape of late. Binance seems to be positioning for the suggestions that in the aftermath of the impact of the raging coronavirus outbreak, cryptocurrencies and blockchain are more than ever before going to play a key role in the global economy recovery process.
Olusegun Ogundeji writes on tech-related issues including from the crypto/Blockchain space.
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