[China Edition] Recommended ranking of cryptocurrency exchanges by trading volume
Introduction
China is an active country in the development of blockchain technology.
In 2017, there were 406 patent applications related to blockchain worldwide, of which China accounted for 225, more than half.
Among them, nearly one third, 68, were by the central bank.
In 2018, Alibaba filed 90 patent applications, surpassing IBM of the United States by one, topping the list.
From these facts, China's future trends and efforts in blockchain technology cannot be ignored.
China's situation with strict regulations on cryptocurrency
On the other hand, the Chinese government imposes strict regulations on cryptocurrencies and exchanges.
One example is the ban on purchasing BTC with the renminbi and the closure of exchanges during the China Shock.
Binance, one of the world’s leading exchanges, started in Hong Kong, but relocated overseas (to Malta) to avoid stricter regulations.
Meanwhile, Huobi, which was also based in Hong Kong, decided to stay in China and brought in party officials to lead the company.
It's not a matter of which is right, but rather a judgment and response suited to each situation.
The Chinese government seems to want to promote blockchain technology, but is not actively supporting the circulation of cryptocurrencies.
Perhaps they want to remain technologically ahead while avoiding wealth dispersion (as the one-party Communist Party would break down otherwise)?
Despite such contradictions, China remains a central country for cryptocurrencies, with Bitcoin mining (hash rate) accounting for over 70%.
As mining companies, Bitmain, Canaan Creative, Ebang, and others are well known, and China undoubtedly holds hegemonic control over Bitcoin mining.
However, with Bitcoin’s price decline, it is also true that mining costs are becoming unsustainable.
Bitmain recently announced a large-scale layoff in early 2019, and it was reported that the hash rate difficulty dropped as a result.
Despite these circumstances, Chinese exchanges have high trading volumes and are often among the world’s top rankings.
There is also a wide variety of altcoins, which from Japan’s perspective is enviable.
Previously covered Korean exchanges also have many altcoins, but there are many issues such as security and problems with only using won.
On the other hand, Chinese exchanges are strong in blockchain technology, and Binance’s issuance of its own token marked the start of many issuances of proprietary tokens.
Additionally, issuing own tokens is used to support various services.
Therefore, this time we would like to convey not only trading volume rankings but also pay attention to proprietary tokens.
Details of the rankings are here
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