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Famous exchange changes ownership, stops US operations and shifts to the international market.
Recently, a well-known exchange announced that it will separate from its parent company and be taken over by an Asian enterprise. This news has attracted widespread attention within the industry.
According to industry insiders, the main investor behind this new Asian operator is a well-known figure in the blockchain industry. It is reported that this investor has had a good personal relationship with the founder of the exchange's parent company in the past and had invited the latter to attend a high-profile business gathering.
Looking back at the history of the exchange, in February 2018, it was acquired by the current parent company for $400 million under the leadership of a well-known investment institution. At that time, this exchange was still one of the top digital currency trading platforms in the world. However, due to regulatory policy impacts, its market share and trading volume saw a significant decline. From a peak period in the first half of 2017, when it accounted for 58% of the total market volume, to today's trading volume of only over $20 million, its global ranking has dropped to over 80. In May of this year, the exchange also announced that it would stop providing trading services for 9 cryptocurrencies to U.S. users.
In the latest announcement, the exchange stated that it will shift its focus to the international market and plans to stop providing services to U.S. users starting November 1. At the same time, they announced a new international development strategy, investing $100 million for business expansion. To attract more users, the platform also launched promotional activities, reducing all spot trading fees to zero from October 21 until the end of the year.
This series of changes reflects the regulatory pressures and market competition faced by cryptocurrency exchanges. As the industry continues to evolve, finding a balance between compliance and innovation will become a common challenge for many platforms.