The Binance Effect: What CZ’s Exit Means for Crypto Markets

The Binance Effect: What CZ’s Exit Means for Crypto Markets

Binance, the world’s largest cryptocurrency exchange by trading volume, has been facing a series of regulatory challenges in various jurisdictions since 2022.

The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have both filed lawsuits against Binance and its CEO Changpeng Zhao, also known as CZ, for allegedly violating securities and derivatives regulations, among other charges.

They have also been fined by the Dutch Central Bank, the UK Financial Conduct Authority, and the Australian Securities and Investments Commission for offering crypto services without proper authorization.

In a not-so-surprising move (at least to me), CZ announced on November 21, 2023, that he was stepping down as the CEO and handing over the reins to Richard Teng, the former head of their non-US markets. CZ said that he made this decision to “focus on the bigger picture” and to “support the growth of the crypto industry as a whole”. He also said that he was confident in Teng’s leadership and that he would remain as the chairman of the board.

What does this mean for Binance? Is there any impact on the crypto industry?

CZ’s departure from the CEO role could have both positive and negative implications for Binance and the crypto industry. On the one hand, it could signal a shift in the company’s strategy to become more compliant with the regulators and to cooperate with the authorities to resolve the pending lawsuits. Teng, who has a background in traditional finance and regulation, could bring more credibility and stability to their operations and reputation.

He could also leverage his experience and network to expand it’s presence and partnerships in new and emerging markets, such as Africa, Latin America, and the Middle East.

On the other hand, CZ’s departure could also create some uncertainty and risk for Binance and the crypto industry. CZ has been the face and the voice since its inception in 2017. He has built a loyal and passionate fan base among the crypto community, who admire his vision, innovation, and charisma. He has also been a vocal advocate and defender of the crypto industry, often challenging the regulators and the critics on social media and in interviews.

When I looked online, some of his supporters felt disappointed by his decision to step down, and if not handled properly they may lose trust or interest in the exchange. Moreover, CZ’s departure could also create a power vacuum or a leadership crisis within, as Teng may face resistance or opposition from some of the existing executives or employees who are loyal to CZ or who have different views or agendas.

Based on what I know Teng, a fellow Singaporean is well respected by their English-speaking colleagues and has been making important decisions within the ecosystem for a while. I think there isn’t any major issue.

Paying the fine in this early stage is a good move for CZ. He is a free man. He is still the largest shareholder. This may also mean that BNB price will go up. Here’s why.

One of the reasons why CZ decided to step down as the CEO was to settle the lawsuits with the US regulators and to pay the fines that they imposed on him and the company. According to the Yahoo Finance, they have agreed to fork out a total of $4 billion to the SEC and the CFTC to resolve the allegations of operating unregistered exchanges, selling unregistered securities, mishandling customer funds, and violating derivatives rules. The settlement also includes a requirement for Binance to hire an independent monitor to oversee its compliance with the US laws and regulations. CZ has also agreed to pay $50 million and sentencing will occur at a later date.

Paying the fine in this early stage is a good move for several reasons. First, it could help them avoid a prolonged and costly legal battle that could drain their resources and damage their reputation. Second, it could help them restore their relationship and trust with the US regulators and the US market, which is one of the most important and influential in the crypto industry. Third, it could help them clear their name and reputation from the allegations and accusations that have been hanging over their heads for months. Fourth, it could help them focus on their core business and innovation, rather than on legal and regulatory issues.

By making this move, CZ is also freeing himself from the legal and regulatory burdens and risks that come with running a global crypto exchange. After all, he is still the largest shareholder, which means he still has a significant stake and influence in the company. He can also pursue other interests and projects that he is passionate about, such as philanthropy, education, research, or even launching a new venture. He can also continue to support and promote the crypto industry as a whole, as he said in his announcement.

This may also mean that BNB price will go up. Here is why.

BNB is the native token of Binance, which is used to pay for fees, access services, and participate in various activities on the exchange platform and ecosystem. BNB is also one of the most popular and widely used cryptocurrencies in the market, with a market capitalization of over $35 billion as of November 20, 2023, ranking fourth among all cryptocurrencies according to CoinMarketCap.

The price has been affected by the regulatory challenges and lawsuits that they have faced in the past year. It reached a high of $349 in April 2023, but then dropped to around $206 in October 2023, amid intensified scrutiny and pressure from the regulators. It has recovered somewhat since then, trading at around $253 as of November 21, 2023, but still below its peak level.

However, the BNB price could benefit from the settlement and the leadership change that has been announced. The settlement could remove the uncertainty and the downside risk that have been weighing on the price for months. It could also boost the confidence and the sentiment of the holders and investors, who may see the settlement as a positive sign of commitment and ability to comply with the regulators and to operate legally and legitimately in the US and other markets.

The leadership change could also create new opportunities and possibilities for Binance and BNB, as Teng may introduce new products, services, partnerships, and innovations that could increase the demand and the utility of the token.

Does that mean after paying the US, UK and many other countries will start doing the same and open another can of worms?

The settlement with the US regulators does not necessarily mean that they are off the hook from other countries that have also taken action against them. The settlement only covers the US jurisdiction and does not affect the ongoing investigations or proceedings in other countries, such as the UK, Germany, Japan, Singapore, and Canada.

They may still face legal and regulatory consequences in these countries, depending on the nature and severity of their alleged violations. They may also have to pay additional fines or penalties or comply with additional requirements or restrictions, in order to operate or offer their services in these countries.

The settlement with the US regulators could also have a positive effect on their relations with other countries. The settlement could demonstrate their willingness and ability to cooperate and compromise with the regulators and the authorities, and to take responsibility and accountability for their actions and mistakes.

The settlement could also set a precedent and a benchmark for other countries to follow, in terms of how to deal with Binance, and how to resolve their disputes or issues. The settlement could also encourage them to improve and enhance their compliance and governance standards, and to align their operations and activities with the local laws and regulations of the countries where they operate or offer their services.

In a nutshell

The recent developments surrounding Binance, including CZ’s decision to step down as CEO and the settlement with US regulators, undoubtedly provoke speculation about the future of Binance and the broader crypto industry. As CZ relinquishes his role, both positive and negative implications emerge for Binance’s trajectory.

This move could signify a strategic shift within Binance, aiming to embrace regulatory compliance and foster stability under Richard Teng’s leadership. Teng’s background in traditional finance and regulation might herald a more compliant and credible approach, potentially expanding Binance’s global presence.

However, CZ’s departure may also introduce uncertainties. His charismatic leadership and vocal advocacy for the crypto community have garnered a loyal following, raising concerns about potential trust erosion or a leadership vacuum within the exchange. Yet, based on the insights available, Teng’s leadership seems promising, garnering respect within the ecosystem and potentially mitigating any major disruptions.

Notably, CZ’s move to settle the lawsuits and pay fines signals a strategic decision to preempt prolonged legal battles. This resolution could restore trust with US regulators, essential for their operations within the influential US market, and may help repair their reputation marred by past allegations. Maybe start a brand new decentralized Web3 journey with their newly launched Web3 wallet product.

Nevertheless, the settlement only addresses US regulatory concerns, leaving unresolved legal matters in various other jurisdictions. Consequently, Binance may face continued challenges and potential penalties or restrictions in these regions, depending on ongoing investigations and the gravity of alleged infractions.

The impact of these recent developments extends beyond Binance itself. The settlement may set a precedent for how other countries approach Binance’s regulatory compliance and pave the way for improved governance standards within the crypto industry globally.

The burning question remains: Will other countries follow suit in demanding similar settlements from Binance, further complicating their legal landscape? The answer lies in the subsequent actions of global regulators, as each country’s response may significantly shape Binance’s future and the broader regulatory environment for cryptocurrencies worldwide.

As the crypto industry witnesses this pivotal moment, the repercussions of CZ’s departure and the settlement with US regulators continue to raise critical questions. How will these events influence Binance’s strategies, partnerships, and innovations moving forward? Can this settlement establish a framework for improved industry compliance on a global scale?

The coming days will provide clarity on the far-reaching implications of these recent events, not just for Binance but for the evolving landscape of cryptocurrency regulation worldwide.

 

 

Source: https://www.blockhead.co/2023/11/22/the-cz-effect-binances-overhaul-and-what-it-means-for-crypto-markets/

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”.

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India calls for uniform crypto regulations as Asian markets grow amid boom and bust cycle

India calls for uniform crypto regulations as Asian markets grow amid boom and bust cycle
  • ‘One country alone cannot do everything’ if regulation is required, says India’s financial minister as she leads the push for uniform rules in the group
  • New Delhi’s call is likely to resonate with Southeast Asia, a popular destination for crypto investors, after a string of high-profile collapses last year, observers say

 

Indian businessman Saurabh Tiwari’s interest in cryptocurrency grew after he made a significant profit on a bunch of different tokens within a few months of buying them in 2020. But the boom soon turned to bust following a series of events such as Russia’s invasion of Ukraine and the collapse of crypto exchange FTX last year.

“I am now down 60-70 per cent (on these investments). It does not make sense for me to get out,” says 29-year-old Pune-based Tiwari, who also lamented that India lacked a crypto market regulator to protect investors like him.

India, president of the Group of 20 (G20) this year, is leading the push for crypto regulation and is proposing uniform regulations across the group’s members. The move is likely to strike a chord especially after a string of crypto exchange failures, bankruptcies and fraud allegations last year spooked global investors.

“If it requires regulation, then one country alone cannot do anything,” India’s Finance Minister Nirmala Sitharaman told reporters in New Delhi this week.

“We are talking with all nations, if we can make some standard operating procedure which is followed by everyone making a regulatory framework, and if it can be effective,” she said ahead of a G20 meeting of finance ministers and central bank governors in the country later this month.

The proposal to jointly regulate crypto markets is likely to be watched closely in Southeast Asia, a popular destination for crypto investors and entrepreneurs.

Singapore and Hong Kong have well-regulated crypto markets, but most of the governments in the region are just beginning to understand the power of cryptocurrencies that could open up new financing opportunities.

Asian investors have also been shaken by crypto’s boom and bust cycles, following last year’s Terra-Luna’s US$40 billion implosion, the collapse of Three Arrows Capital and the bankruptcy of FTX that wiped out around 25 per cent of the crypto market capitalisation.

This year’s G20 chair India is set to meet global finance ministers and central bank governors later this month. Photo: AP

Southeast Asia, with nearly 700 million residents, has one of the world’s fastest-growing populations, with some 480 million of them being active internet users. The region is expected to have the world’s fourth-largest economy by 2030 and has emerged as a fertile ground for hundreds of crypto and blockchain start-ups.

There are more than 600 crypto or blockchain companies currently headquartered out of Southeast Asia, according to a report by global investment platform White Star Capital.

Consumers in countries like Vietnam and India have been among the fastest worldwide to adapt to cryptocurrencies, but authorities in many places have not yet found a path to govern the ecosystem effectively.

Rajagopal Menon, vice-president of India’s biggest cryptocurrency exchange WazirX, said the Indian government had probably realised that the only way to “mitigate the bad effects of crypto” was to have a global consensus on a regulatory framework that exists for traditional banking.

A tough terrain

Crypto assets have been around for more than a decade, but it is only now that efforts to regulate them have gathered pace as they have evolved from niche products to mainstream speculative and payment instruments.

Evolving regulation around them is tricky because countries will have to train regulators in new technology skills and keep tabs on thousands of market participants who may not be subject to typical disclosure or reporting requirements.

Crypto assets refer to a wide range of digital products that are privately issued and can be stored or traded using primarily digital wallets and exchanges.

The assets are merely codes that are stored and accessed electronically and may or may not be backed by physical or financial collaterals or pegged to the value of fiat currencies.

In markets with crypto regulations, certain entities are typically authorised to carry out specific activities. Many functions in mainstream financial activities such as lending and deposits are now replicated in the crypto world, leading to more calls to harmonise the system.

Some countries such as Japan and Singapore have amended or introduced new legislation to cover crypto assets and their service providers, while others such as India are at a drafting stage.

The lack of uniform regulations across different nations leave space for traders and companies to flock to jurisdictions with more lenient or no regulations, and exploit arbitrage opportunities that creates cross border risks to the financial system, analysts say.

“Unregulated guys can do anything they want. Having uniform regulations will help regulated entities like ours to compete well with the unregulated players,” said Bo Bai, executive chairman and co-founder of Singapore-based MetaComp, an accredited payment services provider including for digital tokens. “I think it will be very helpful to establish a harmonious set of rules for all the crypto service providers.”

He said consumers from unregulated markets had flocked to the company in recent months despite having to undergo an extensive screening process, as they were realising the value of safety in the wake of the recent global contagion.

The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida. Photo: Reuters

Industry executives say last year’s collapse of FTX revealed systemic flaws that need to be plugged and that harmonising regulations would help.

“Some of those failures were issues of poor design and poor governance with no oversight. It’s not a failure of the underlying technology. FTX is a brilliant case of those governance failures,” said Esme Hodson, chief compliance officer of SC Ventures, a business unit of Standard Chartered Bank which invests in disruptive financial technology.

“The financial system requires innovation but that should not come at the cost of stability and exploiting any kind of customer vulnerability,” Hodson added.

New Delhi could take a leaf from regulated markets like Singapore and Dubai and strive to find a middle ground among nations especially in the region to restore confidence among crypto investors, analysts say.

“India has the technical know-how in IT and has been trying to introduce a regulation on cryptos,” said Raj Kapoor, founder of India Blockchain Alliance. “Investments in crypto are quite strong in Asia, including in South Korea, Japan, Vietnam and even Pakistan.”

Other industry executives say uniform regulations would help aspects such as reducing arbitrage, but could end up delaying implementation of laws locally because of the time it will take to reach a common point.

“Ultimately, the ideal approach to regulating cryptocurrencies is likely to be a balance between these two perspectives, where countries adopt a common set of principles while still retaining the flexibility to tailor regulations to their specific circumstances,” said Anndy Lian, a partner at Singapore-based Passion Venture Capital and author of the book NFT: From Zero to Hero.

Source: India calls for uniform crypto regulations as Asian markets grow amid boom and bust cycle | South China Morning Post (scmp.com)

 

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”.

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The Edge Markets: Singapore’s wary crypto embrace leaves top mogul in the cold

The Edge Markets: Singapore’s wary crypto embrace leaves top mogul in the cold

(Jan 12): Binance Holdings Ltd Chief Executive Officer Changpeng Zhao was putting on a brave face.

An affiliate of the world’s largest cryptocurrency exchange had just withdrawn its application to run a bourse in Singapore. Zhao, the richest person in cryptocurrency with a fortune of about US$90 billion, took to Twitter to say the affiliate’s investment in another exchange — one that was regulated — made the application “somewhat redundant.”

As it turns out, the other exchange has a licence to trade some things — such as shares in private companies and tokenized assets — but not cryptocurrencies. More importantly, the real reason for the withdrawal was that Binance’s affiliate didn’t meet Singapore’s criteria for protecting against money laundering and terrorist financing, a person familiar with the matter said after it happened last month. Binance denies this, saying it pulled the application on strategic and commercial grounds.

“There is a very clear line drawn in the sand,” said Lena Ng, a partner at Clifford Chance who advises cryptocurrency players in Singapore and internationally.

The cryptocurrency industry is attracting the attention of regulators around the world, with US Securities and Exchange Commission Chair Gary Gensler labelling it the “Wild West” and saying it needs more oversight. The Singapore example shows the regulatory process won’t always be easy for the companies involved, even as states express openness to the concepts and technologies.

Ravi Menon, the managing director of the Monetary Authority of Singapore, the central bank and financial regulator, laid out Singapore’s approach in an interview with Bloomberg in October. The city-state sees promise in areas such as decentralisation, smart contracts and encryption, and wants to be well-positioned if they become integral to our economies, he said. But there are also “serious risks,” he said, giving the examples of money laundering and terrorist financing.

“It could lead to nowhere, or it could lead to a lot of risk and turmoil, or it could lead to a very good outcome for the economy and the society,” Menon said of the crypto phenomenon. “We have to look at it in terms of scenarios, and prepare ourselves for any of those outcomes.”

Singapore’s Payment Services Act came into effect in January 2020, providing a framework for regulating areas from trading Bitcoin to using tokens for payments. Under the law, MAS hands out so called digital payment token licences to crypto companies that make it through the application process.

The act’s introduction helped accelerate an inflow of crypto players into the Southeast Asian city.

Crypto.com, the world’s fourth-largest cryptocurrency bourse, relocated its headquarters from Hong Kong in 2021 and is seeking a licence. An affiliate of Huobi Group, which operated China’s biggest crypto exchange before last year’s blanket ban, is also applying, and its co-founder Du Jun has spent the last two years in Singapore. Binance’s Zhao, for that matter, had also been based in the city-state for the past two years.

All told, some 170 firms applied, including Coinbase Global Inc, the exchange that went public in the US last year in a landmark moment for the crypto industry. Gemini Trust, the bourse founded by Tyler and Cameron Winklevoss, is also among the applicants. Companies that have put in an application are allowed to operate in the city under a grace period until the regulator says otherwise or they drop out.

But about 100 applicants have already withdrawn or been rejected. Most failed to meet Singapore’s criteria for preventing illicit flows of funds, a person familiar with the matter has said.

In fact, only four are known to have received their licences, including Independent Reserve, an Australian cryptocurrency exchange, and the brokerage unit of DBS Group Holdings Ltd, Singapore’s largest bank. One other company, local startup Coinhako, said it had received in-principle approval.

“We don’t need 160 of them to set up shop here,” Menon said in the October interview. “Half of them can do so, but with very high standards.”

Singapore is taking a middle ground between the extremes of China, which banned all crypto transactions in September and vowed to stop illegal crypto mining, and El Salvador, which adopted Bitcoin as legal tender that same month.

It’s an approach that has similarities with other Asian financial centres.

Hong Kong, Singapore’s main rival as the region’s leading financial hub, uses a so-called “opt-in” regulatory regime for crypto exchanges, meaning they can apply to be regulated. It has approved one firm. The authorities are in the process of passing laws to enable a new licensing regime.

Japan had recognized 15 companies as cryptocurrency exchange operators as early as 2017, making it one of the pioneers of crypto regulation. As of December, it had given licences to 30 such firms.

South Korea had accepted registrations by 24 crypto-trading exchanges to operate in the country as of Dec 23. Only four of them are allowed to provide trading services in Korean won.

Singapore has advantages for becoming a crypto hub in its low-tax regime and lack of a levy on capital gains, according to Ulisse Dellorto, the Asia-Pacific head of blockchain analytics firm Chainalysis. The city-state also has an edge in ease of doing business, robust infrastructure and connectivity, and the fact that it’s already a financial center, said Gerald Goh, co-founder and Singapore CEO of Sygnum, which runs a digital-asset bank in Switzerland and an asset manager in the Asian city.

Some 350 firms focusing on blockchain and cryptocurrency already operate on the island, according to Chia Hock Lai, co-chairman of the Blockchain Association Singapore, which promotes blockchain technology. That translates into about 3,500 jobs, based on a median staff size of 10, he said.

But the case of Binance, which generated at least US$20 billion of revenue last year according to a Bloomberg analysis, suggests expanding at all costs isn’t necessarily the priority.

There were already signs the writing was on the wall for Zhao’s firm in September, when Singapore’s regulator added Binance.com, the group’s main platform, to its Investor Alert List of unregulated entities that may have been wrongly perceived as licensed or regulated by MAS. It told Binance Holdings to stop offering services regulated in the city-state, allowing only the Singapore entity to serve local residents.

Then in December, almost two years after it applied, Binance withdrew from the process.

“This certainly won’t damage Singapore’s reputation as a crypto hub,” said Neal Cross, a financial-technology entrepreneur and former chief innovation officer of the bank DBS. “In fairness, it may enhance it. Crypto is still nascent and has a long way to go before it becomes a major player in our wealth portfolios, but to make that happen, it needs to happen in a place that is firm but fair.”

A spokesperson for Binance said it’s continuing to work closely with partners and government agencies in Singapore to support the growth of blockchain and cryptocurrency initiatives in the country.

Cross said openness to crypto will yield benefits because blockchain and decentralised finance are likely to make up a large part of the financial services industry in the future. Asked about potential downsides, he said there are two.

“One is the failure of such exchanges” and “the losses incurred by mom and pop investors as these aren’t government-guaranteed”, he said. “Secondly, crypto is notoriously hard to track and hence can open up new pathways to money laundering, but I feel MAS are on top of this with their current regulation.”

MAS’s Menon has repeatedly said Singapore doesn’t want its people speculating on Bitcoin and other volatile cryptocurrencies.

“MAS frowns on cryptocurrencies or tokens as an investment asset for retail investors,” he said in a December speech. Cryptocurrency prices “are not anchored on any economic fundamentals and are subject to sharp speculative swings. Investors in these tokens are at risk of suffering significant losses.”

Bitcoin, the largest cryptocurrency, more than doubled from the start of 2021 through a high in November before tumbling for the rest of the year. In 2018, it plunged 74%. The digital token slid less than 0.1% on Wednesday to trade at US$42,649.75.

People chasing digital investment opportunities should exercise caution and participate “responsibly”, Minister for Communications and Information Josephine Teo said Jan 11.

Singapore’s desire to protect its public from crypto trading has echoes in its policy for its two casinos, which have been a big economic success but came with concerns its people would be affected by gambling. In response, the government charges a S$150 (US$111) daily entry fee for citizens and permanent residents, while foreigners get in for free.

To be sure, not everyone is positive about Singapore’s crypto strategy.

“When Binance left, it became a statement that Singapore doesn’t welcome the big boys,” said Anndy Lian, the chairman of cryptocurrency bourse BigONE Exchange. “Many people are going for Dubai, because they see Singapore as not welcoming, and don’t know the real reasons behind that.”

Binance itself has turned to the Middle East, signing a cooperation agreement with the Dubai World Trade Centre Authority last month on the emirate’s planned virtual asset ecosystem. It also got in-principle approval from Bahrain’s central bank to be a crypto-asset service provider in the kingdom. And it appointed Richard Teng, a high-profile hire who joined Binance’s Singapore affiliate as its CEO in August, as the global entity’s head of the Middle East and North Africa.

Meanwhile, back in Singapore, a billboard for Crypto.com shouted its message in bold at a busy crossing on the Orchard Road shopping belt. “Fortune favours the brave,” it declared.

That may be true, or it may also favour the cautious. For Huobi Singapore CEO Edward Chen, the key is to get the mix just right.

“It is important to find the right balance between regulation and mitigating risks while still maintaining a competitive edge,” Chen said.

 

Original Source: https://www.theedgemarkets.com/article/singapores-wary-crypto-embrace-leaves-top-mogul-cold

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”.

j j j