The headline in CoinDesk Daily, one of the premier cryptocurrency news providers, is arresting enough: China’s Crypto Exchanges Didn’t Just Survive – They’re Thriving.
What follows is a fascinating in-depth article that will send positive vibes through the NetLeaders community in Asia, with a national event in Taiwan scheduled for Sunday for 2,000 people.
CoinDesk Daily states that leading crypto exchanges in China have proved remarkably resilient through a period in which it is claimed a major crackdown has been exercised within the sector.
Robin Zhu, chief operating officer at Huobi, is quoted as saying in January 2017: “The regulator wanted to grab a big picture of how significant cryptocurrency trading was in China – how does bitcoin work; where does the money come from; where does it go to; how do people make and lose money?”
By September, the People’s Bank of China, working in tandem with the financial regulator in the country, was banning initial coin offerings (ICOs) and shutting down domestic fiat-to-crypto order book trading. By November, volume was suffering in China. But Huobl has found a way to thrive.
Zhu said: “Whatever the policy may be, we will comply with the rules and are here to say. The trend is irresistible. And down the road it is very likely China will lift its ban on cryptocurrency trading.”
In fact, two of China’s largest exchanges, Huobi and OKCoin, already have offerings that again rank within the top 10 in the world by trading volume – Huobi Pro and OKEx, two platforms that now trade cryptocurrencies only.
And Zhu added: “The shift to over-the-counter trading is an unexpected pivot to us. We had never anticipated that to be one of our business strategies.” Huobi is proceeding with an aggressive expansion plan. Over the past few months, the exchange has opened offices in Hong Kong, Singapore, South Korea and the USA. (Source: CoinDesk Daily)
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