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.
“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 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 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 that 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 cryptocurrencies 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.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.