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From banking offshores to crypto-offshores and romantic of online rebellion

ByFxPro Financial Services Ltd
AuthorAlexander Kuptsikevich
Published 04/17/2018, 11:23 AM
Updated 03/21/2024, 07:45 AM

Telegram founder Pavel Durov has refused to hand over encryption keys to Russian authorities, showing his willingness to sacrifice the app’s Russian users to maintain the integrity of the project as a whole. This move will likely lead to further growth for the app’s user base and an increase in value for the platform’s coin, TON.

In some cases, attempts to avoid state control are made for less romantic reasons. Former offshore banks have rebranded into offshore crypto exchanges. Recently, Bermuda legislators announced their intentions to take a “measured approach” to regulating the crypto industry. Malta also attracts crypto exchanges, with Binance having already moved their headquarters there and OKEx preparing to follow suit.

Governments are actively struggling with money laundering and tax evasion, while simultaneously trying to tighten regulations. This is one of the reasons why offshore exchanges and anonymous cryptocurrencies like Zcash, DASH and Monero could catch a second wind.

The crypto market is optimistic again, as Bitcoin has managed to maintain gains made on 12-13 April. The “benchmark” cryptocurrency is moving in a sideways pattern and currently trading at around $8,100. According to CME’s Bitcoin contracts futures report, large players anticipate a decrease in BTC price, while ordinary investors expect growth.

Nevertheless, market participants, and the community overall are optimistic and hope that cryptocurrencies will resume their growth, once geopolitical tensions disappear from news headlines.

Bitcoin has managed to maintain gains

Alexander Kuptsikevich, The FxPro Analyst

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