Recently, we at CryptoCoin.News had an exclusive interview with Michael Chobanian, the CEO, and founder of KUNA, Ukraine’s largest crypto exchange. He shared his views on:
- the state of the crypto market and the effect of US regulations on market prices
- how to identify good and bad ICOs
- the future of Bitcoin
Current crypto market and the effect of US regulations
Although Michael admits that he does miss the days when Bitcoin was at an all-time high of $20,000, for an exchange the important factor is volume, not price.
Many crypto exchanges currently encounter barriers when trying to open accounts with most banks. In Eastern Europe, therefore OTC (Over The Counter) transactions are still the prevalent way of trading crypto. He is sure that once there is a solid legal framework in place, governments should be able to issue licenses to exchanges that will help eliminate obstacles with banks. Michael believes the US crypto regulations will only have the effect of ensuring compliance. On insider trading, he said it is a common occurrence:
“We see insider trading even on big exchanges.”
Due diligence on ICOs
Michael spoke of how due diligence must be conducted before a token is listed on exchanges. He stated that during the process an exchange will study all materials related to the project and investigate and verify the identity of team members. They will also research opinions from community members and meet founders personally, a process which is time-consuming.
Need for decentralized exchange
Michael points out that when dealing with Fiat, one has no choice but to remain on centralized exchange platforms. Until a stable coin is created and integrated, exchanges would mostly remain that way. However, he believes:
“The future of exchanges is decentralized.”
How to identify trusted and scam exchanges
From a personal perspective, Michael values education over speculation, “Before investing in Bitcoin back in 2013, I spent six months just reading, watching YouTube videos, forums….” Michael advised that one should do their personal homework on the assets before investing. Researching the founder of the company, the team and its credibility are vital when choosing an exchange to work with.
Bitcoin price predictions
Michael expects Bitcoin to grow in the future:
“Bitcoin will grow – but probably not this year.”