South Korean and Chinese Exchanges

[JollyGood]

Will South Korean exchanges close or will try to circumvent the law by moving offshore to stay trading and open?

I think China closed its crypto exchanges so where did all their customers go?

[FLoving]

Will South Korean exchanges close or will try to circumvent the law by moving offshore to stay trading and open?

I think China closed its crypto exchanges so where did all their customers go?

The exchanges in south Korea are earning a good profit from their business and they will not shut down their business so they will follow the rules of their government and will start their journey as according to the rules provided in the regulations for bitcoin. And I am seeing that many Chinese exchanges are working better and I have not heard that they are closed. I only heard that Chinese will close only that exchanges which will not be licensed and the remaining will be allowed. I think Binance is also a Chinese exchange and working better.

[magneto]

Will South Korean exchanges close or will try to circumvent the law by moving offshore to stay trading and open?

I think China closed its crypto exchanges so where did all their customers go?

I'm not sure about South Korean exchanges, but Chinese exchanges after the ban have definitely moved overseas. Huobi moved to Singapore as their headquarters if I'm not mistaken, and okcoin to Hong Kong when both of them were initially operating within China.

Some traders have moved to p2p platforms like Localbitcoins to make their trades, as demonstrated by the charts at https://coin.dance/volume/localbitcoins/CNY that show the huge increase of volume on LBC in the Chinese market sector since the exchange ban.

For crypto trades there are essentially a ton of exchanges available. I've seen Chinese people use exchanges such as Binance, Kucoin, even Bitmex. These international exchanges have be used anywhere. Not sure about the popularity of Huobi but they are definitely still used by some Chinese traders.

[JollyGood]

Will South Korean exchanges close or will try to circumvent the law by moving offshore to stay trading and open?

I think China closed its crypto exchanges so where did all their customers go?

I'm not sure about South Korean exchanges, but Chinese exchanges after the ban have definitely moved overseas. Huobi moved to Singapore as their headquarters if I'm not mistaken, and okcoin to Hong Kong when both of them were initially operating within China.

Some traders have moved to p2p platforms like Localbitcoins to make their trades, as demonstrated by the charts at https://coin.dance/volume/localbitcoins/CNY that show the huge increase of volume on LBC in the Chinese market sector since the exchange ban.

For crypto trades there are essentially a ton of exchanges available. I've seen Chinese people use exchanges such as Binance, Kucoin, even Bitmex. These international exchanges have be used anywhere. Not sure about the popularity of Huobi but they are definitely still used by some Chinese traders.

Great information, thanks.

So it seems some Chinese exchanges have moved their websites out of the country but are still owned by Chinese companies - I thought that was still a problem. Maybe they still have logistical operations based from China but are otherwise inplaces such as Singapore and elsewhere.

Localbitcoins does seem to have risen in popularity. It is wonderful how people move forward and continue to find ways buying and selling crypto when various regulations and bans are enforced.

[magneto]

Will South Korean exchanges close or will try to circumvent the law by moving offshore to stay trading and open?

I think China closed its crypto exchanges so where did all their customers go?

I'm not sure about South Korean exchanges, but Chinese exchanges after the ban have definitely moved overseas. Huobi moved to Singapore as their headquarters if I'm not mistaken, and okcoin to Hong Kong when both of them were initially operating within China.

Some traders have moved to p2p platforms like Localbitcoins to make their trades, as demonstrated by the charts at https://coin.dance/volume/localbitcoins/CNY that show the huge increase of volume on LBC in the Chinese market sector since the exchange ban.

For crypto trades there are essentially a ton of exchanges available. I've seen Chinese people use exchanges such as Binance, Kucoin, even Bitmex. These international exchanges have be used anywhere. Not sure about the popularity of Huobi but they are definitely still used by some Chinese traders.

Great information, thanks.

So it seems some Chinese exchanges have moved their websites out of the country but are still owned by Chinese companies - I thought that was still a problem. Maybe they still have logistical operations based from China but are otherwise inplaces such as Singapore and elsewhere.

Localbitcoins does seem to have risen in popularity. It is wonderful how people move forward and continue to find ways buying and selling crypto when various regulations and bans are enforced.

It is indeed. This is the beauty of bitcoin as well.

If governments decide to ban exchanges which is essentially the most they can do effectively, trading will still happen privately, either on a p2p trading platform such as localbitcoins and paxful, or even through trading groups or even in real life.

If more regulations roll in then I think current exchanges will lose a lot of popularity due to over the top KYC and AML measures, as well as batrading ns imposed by regulators. This is why I think decentralised exchanges will become more popular in the near future, if they can be effectively implemented.

[JollyGood]

Even if platforms and exchanges are decentralised there is still the scope of potential lawsuits where governments have banned those exchanges and they are not moved offshore. All things said, where will these Korean and Chinese investors go after their regular exchanges close?

[pugman]

Even if platforms and exchanges are decentralised there is still the scope of potential lawsuits where governments have banned those exchanges and they are not moved offshore. All things said, where will these Korean and Chinese investors go after their regular exchanges close?

About the chinese,they have moved. An article by the Merkle: https://themerkle.com/chinese-exchanges-move-abroad-in-search-of-friendlier-regulation/

If governments decide to ban exchanges which is essentially the most they can do effectively, trading will still happen privately, either on a p2p trading platform such as localbitcoins and paxful, or even through trading groups or even in real life.

If more regulations roll in then I think current exchanges will lose a lot of popularity due to over the top KYC and AML measures, as well as batrading ns imposed by regulators. This is why I think decentralised exchanges will become more popular in the near future, if they can be effectively implemented.

For starters bittrex and poloniex lost their entire rep because of this. For coinbase,well i don't know but they have always been compliant to regulations. Binance has been doing well but one day or the other,the end will come where they will be forced to regulation.

Decentralized exchanges have been shit all this far. There is a need for emergence of a good decentralized exchange,otherwise P2P trading platforms would be the only go to option.

South Koreans are loyal to their government so its likely that they will never move,and they have already started implementing regulation if I am not mistaken.

[JollyGood]

Even if platforms and exchanges are decentralised there is still the scope of potential lawsuits where governments have banned those exchanges and they are not moved offshore. All things said, where will these Korean and Chinese investors go after their regular exchanges close?

About the chinese,they have moved. An article by the Merkle: https://themerkle.com/chinese-exchanges-move-abroad-in-search-of-friendlier-regulation/

If governments decide to ban exchanges which is essentially the most they can do effectively, trading will still happen privately, either on a p2p trading platform such as localbitcoins and paxful, or even through trading groups or even in real life.

If more regulations roll in then I think current exchanges will lose a lot of popularity due to over the top KYC and AML measures, as well as batrading ns imposed by regulators. This is why I think decentralised exchanges will become more popular in the near future, if they can be effectively implemented.

For starters bittrex and poloniex lost their entire rep because of this. For coinbase,well i don't know but they have always been compliant to regulations. Binance has been doing well but one day or the other,the end will come where they will be forced to regulation.

Decentralized exchanges have been shit all this far. There is a need for emergence of a good decentralized exchange,otherwise P2P trading platforms would be the only go to option.

South Koreans are loyal to their government so its likely that they will never move,and they have already started implementing regulation if I am not mistaken.

Thank you, very interesting post from you.

Do you think some day soon platforms such as WAVES exchange might be moving forward to challenge greatly the existing status quo?

[pugman]

Thank you, very interesting post from you.

Really?

Do you think some day soon platforms such as WAVES exchange might be moving forward to challenge greatly the existing status quo?

Waves exchange? Not really,like I said all the existing decentralized exchanges have been shit thus far,we need something new,more like shapeshift or bittrex,because I love these two exchanges because of their awesome easy to use UI. But bittrex fucked themselves over real bad .
There are a few decentralized exchanges that you might want to see even I don't like/use them: https://decentralize.today/where-the-hell-is-my-decentralized-exchange-adafd87dc439

[JollyGood]

Really?

Yes, it is nice to read wide arrays of opinions and views. Everyone has their own view and it is refreshing to read how any aspect forward of the crypto world should be paved.

I completely understand your views about Shapeshift or those like might having to fill any void that customers might feel but we are not at the stage yet where it Changelly or Shapeshift reign supreme worldwide. Yes if these strong legislations make things hard for the Chinese and Korean markets or any other market where tight regulations exists then Changelly/Shapeshift are great ways to pay a fraction more but to get a coin exchanged.

[pugman]

Yes, it is nice to read wide arrays of opinions and views. Everyone has their own view and it is refreshing to read how any aspect forward of the crypto world should be paved.

I actually agree with that because that is one of my own important policies that I try to follow.

I completely understand your views about Shapeshift or those like might having to fill any void that customers might feel but we are not at the stage yet where it Changelly or Shapeshift reign supreme worldwide. Yes if these strong legislations make things hard for the Chinese and Korean markets or any other market where tight regulations exists then Changelly/Shapeshift are great ways to pay a fraction more but to get a coin exchanged.

The thing is shapeshift doesn't need any registrations,so no KYC and all that crap. Makes things much smoother. And best thing is that you don't get to store funds there,so you'll be forced to legitimate wallets,preferably offline ones. Shapeshift feels more like a exchange because all it does is exchange cryptos with cryptos. So the chances of users losing their funds due to using exchanges as their wallets and when the exchange gets hacked,those users lose their mind. Had they not used the exchange to store funds,they wouldn't had lost it.

[JollyGood]

The thing is shapeshift doesn't need any registrations,so no KYC and all that crap. Makes things much smoother. And best thing is that you don't get to store funds there,so you'll be forced to legitimate wallets,preferably offline ones. Shapeshift feels more like a exchange because all it does is exchange cryptos with cryptos. So the chances of users losing their funds due to using exchanges as their wallets and when the exchange gets hacked,those users lose their mind. Had they not used the exchange to store funds,they wouldn't had lost it.

This was discussed earlier, the downside to not using an "exchange" is the need to have QTs/Wallets for coins. Those wallets then send the coins to the Shapeshift (or in my case I use Changelly because Shapeshift user reviews leave me with no confidence in their service).

The other thing that has been discussed recently has been the fact that instant swap facilities in most cases will use exchanges to convert and deposit and of course the transactions fees for the instant swaps will always be higher because of the structure and nature of their business. If the transactions are small the fees involved for instant swaps can be tolerated by most but high fees definitely put people off.

[pugman]

This was discussed earlier, the downside to not using an "exchange" is the need to have QTs/Wallets for coins. Those wallets then send the coins to the Shapeshift (or in my case I use Changelly because Shapeshift user reviews leave me with no confidence in their service).

I have used shapeshift and things have gone well and not well at the same time. Here's how:
I used shapeshift for exchanging ripple and I forgot ignored the DT tag(this is the part where things didn't go well). I didn't get my money(it was worth 1000$ at that time) and I contacted the support. A couple of weeks later,I got my money back(this is the part where things go well). And thankfully I was patient enough and didn't panic.

The other thing that has been discussed recently has been the fact that instant swap facilities in most cases will use exchanges to convert and deposit and of course the transactions fees for the instant swaps will always be higher because of the structure and nature of their business. If the transactions are small the fees involved for instant swaps can be tolerated by most but high fees definitely put people off.

There isn't much difference between these exchanges,is there? Correct me,if I am wrong but the fees are almost the same. Shapeshift's feeshttps://info.shapeshift.io/about]fees[/url] are pretty much acceptable and these fees are same no matter how small or big the transaction is.

[JollyGood]

Not sure about the difference in fees. Every time I compared, Changelly ended up giving more than Shapeshift. I am happy you had a good experience with Shapeshift.

Do you think with the new regulations crypto customers in Korea and China will step up using instant swaps or find another way to keep trading?