Binance Head: Expect Increased Consolidation in Asian Cryptocurrency Markets

 

 

 

While the cryptocurrency industry saw a marked decline in mergers and acquisitions in 2019, increased regulatory scrutiny could lead to an increase in consolidation throughout the Asian markets. According to Binance CEO Zhao Changpeng, new anti-money laundering laws in places like Hong Kong and Singapore could make compliance too expensive for many of the smaller digital currency exchanges.

Binance has been a major player in that consolidation, having completed nine mergers and acquisitions in 2019. Just last week, the company purchased CoinMarketCap, one of the industry’s most important data providers. In a report by the South China Morning Post, Zhao described the types of companies Binance is interesting in acquiring:

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

The Binance CEO also noted that his company continues to be interested in firms that use blockchain technology for e-commerce and payment solutions. He said that Binance devotes about one-fourth of each year’s profit on “investment opportunities’” as the firm diversifies beyond cryptocurrency trading.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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