Cryptocurrency exchanges are a new segment of high-yield financial business

With a new statement on the transition of its main office to the crypto-favorable territory of Malta, the Binance Exchange is negotiating with local banks to launch trading tools of cryptocurrency / fiat money. It seems that the exchange also intends to win the competition with Coinbase exchange and take a dominant position on the global cryptocurrency market.

Binance is one of the largest crypto exchanges in terms of daily trading volume in crypto markets. Founded in 2017, Binance has more than 5 million active users. Binance is particularly popular in Asia and especially in China. Over the past few months, Binance has achieved some successes that have led to the growth of the client base, its business and market trust in the exchange. However, despite these successes, the last weeks turned out to be negative for this exchange. Reports that the Japanese regulator did not welcome the work of the exchange with Japanese citizens brought down the bitcoin market last week. The reason is trivial, the absence of an appropriate license from the regulator.

Recently, Binance announced its intention to open a new office in the Mediterranean jurisdiction of Malta. It is interesting enough to draw an appropriate parallel with historical development of FOREX industry. It seems that for the time being the young crypto business will follow the path of its elder brother, the FOREX currency market. At the dawn of the explosive growth of interest in FX trading, the largest FOREX brokers also opened branches and offices in the Mediterranean Sea countries of Malta and Cyprus.

It is characteristic that the appeal to the island as a progressive territory for the crypto currency and the financial industry as a whole occurred after Binance received a warning from the Japanese financial authorities.

As far as we can judge, a small European country, Malta very much welcomes such a decision of the crypto exchange. This is evident from the welcoming tweet of the prime minister, Joseph Muscat. Malta intends to help Binance create a service for fiat money/cryptocurrencies exchange that will allow to buy the digital currency directly using US dollars or any other currency. In the current scenario, transactions are possible only as a cryptocurrency for cryptocurrency. This would place Binance at the level with the largest crypto exchange Coinbase, which provides the same trading services, but has a slightly larger daily trading volume.

In the Bitcoin market, Tuesday trading is quite. After the decline of the last days, the market dropped to the local minimum area of ​​$7,750. This is the second approach of this level for the last month. Now the intrigue is whether the market will hold at current levels and go to rebound, or negative movement will continue with the decline down $5,920 - the next local minimum.

FortFS