[NEWS] Cryptocoin Operators In China To Team Up As Regulations Tighten, CZ says

[bbc.reporter]

It appears that Changpeng Zhao might grab more available cryptocoin businesses after coinmarketcap.com hehehe. I speculate that his next purchase might be a small exchange that holds a popular brand. Bittex?



According to a report from local news media South China Morning Post, the virtual asset market in Asia, which is currently fragmented, draws further regulatory scrutiny.

Purportedly, this would increase mergers and acquisitions in the field, and their numbers are already going up. While the number of M&A deals fell 40 percent to 114 and the US accounts for half of them, Asia’s share increased to 22% from 14%. The acquisition of the popular data monitoring resource CoinMarketCap by Binance added up to the list.

“In Asia, we are interested in exchanges that have existing banking relationships, which enable them to accept trading in local fiat currencies,” commented CZ.

Moreover, the executive also expects that there will be a consolidation as the higher regulatory requirements will make it more challenging for smaller exchanges to survive.

Read in full https://cryptopotato.com/cryptocurrency-operators-in-china-to-team-up-as-regulations-tighten-binances-cz-says/

[malevolent]

This isn't good news, not for privacy, and not for people from these Asian countries. Once they have big enough market share, they'll raise their fees like, e.g. like Coinbase Pro did (0.15% to 0.5% maker fee for the first $10k).

[bbc.reporter]

@malevolent. It might also not be good for innovation. The most blockchain patents filed lately was also from Chinese companies Tencent and Alibaba. I reckon for the intention of patent trolling.

[Darker45]

The man is very aggressive. But not just the man; the large community of Chinese businessmen all over the world are all very aggressive right now. Well, China itself is now becoming very aggressive. I guess everybody is noticing that.

Crypto and the blockchain technology are little by little conquered by these same people.

@malevolent. It might also not be good for innovation. The most blockchain patents filed lately was also from Chinese companies Tencent and Alibaba. I reckon for the intention of patent trolling.

Not just that. After Tencent and Alibaba, which, together, already comprised a total of 20% of the entire blockchain patent applications, getting the first and second ranks, respectively, the next in ranks-- at least the next three-- are also based in China. In total, firms based in China make up 63% of all those which filed for over 20 blockchain patents. At least as far as the figures in 2019 are concerned.^[1]

[1] https://www.theblockcrypto.com/linked/61547/chinese-tech-giants-tencent-alibaba-filed-for-the-most-blockchain-patents-last-year

[bbc.reporter]

@Darker45. Aggressiveness comes from the confidence on their deep pockets. However, where is the money coming from? Changpeng Zhao and Justin Sun appear to have business people supporting their cryptospace spending orgy hehehehe.

[Darker45]

@Darker45. Aggressiveness comes from the confidence on their deep pockets. However, where is the money coming from? Changpeng Zhao and Justin Sun appear to have business people supporting their cryptospace spending orgy hehehehe.

That is an interesting question. Tracking the root source of that money might lead you directly to the red dragon's lair. Yes, these people have indeed huge backers. Whether these are all business people I am not sure. But, well, for centuries Chinese merchants have been doing excellent business all over the world.