The time of complete lack of control in the cryptocurrency market is coming to an end, and crypto exchanges and startups have to comply with the regulatory standards being adopted by all countries.
“You have to deal with it. This can’t be helped – these are the rules of the game,” Gleb Kostarev, Country Manager Russia and CIS at Binance crypto exchange, said at a meeting of the RAEC discussion club “Blockchain in Russia: Is there life after hype?”
Regulators around the world are clamping down on the crypto market, and crypto exchanges no longer feel at ease anywhere, he added.
However, the development of legislation in the industry remains extremely slow; regulation and enforcement is taking too much time, and we need to work here and now, Gleb Kostarev explained.
Moreover, with approval of national regulators, the conventional financial market participants, primarily banks, keep changing their policies regarding crypto players, allowing money transfers or blocking them.
“Cryptocurrency exchanges occasionally encounter problems with banks in Europe. For example, banking group BNP Paribas recently blocked customers from sending funds to major crypto exchange platform Coinbase,” Kostarev said.
The crypto market is responding with exchange consolidation now.
“It makes no sense for users to use several trading platforms, so larger exchanges are gradually buying up smaller ones, and we are observing strong consolidation processes. They are trying to buy up all promising crypto projects,” the expert added.