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Cryptocurrency comovements and crypto exchange movement: The relocation of Binance

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journal contribution
submitted on 2023-10-31, 06:58 and posted on 2023-10-31, 08:09 authored by Mustafa Disli, Fatima Abd Rabbo, Thibault Leneeuw, Ruslan Nagayev

Binance, the largest cryptocurrency exchange by traded value, relocated from Hong Kong (origin market) to Malta (destination market). This study exploits this relocation event by examining the comovement of Binance's native token with the native tokens of other cryptocurrency exchanges in the origin and destination markets. Using multivariate regression analysis, our results show that Binance experienced a significant decline in comovement with its origin market after moving to Malta. The results are less evident for the destination market; however, an increase in comovement immediately after the relocation of Binance is notable.

Other Information

Published in: Finance Research Letters
License: http://creativecommons.org/licenses/by/4.0/
See article on publisher's website: https://doi.org/10.1016/j.frl.2022.102989

Funding

Open Access funding provided by the Qatar National Library

History

Language

  • English

Publisher

Elsevier

Publication Year

  • 2022

License statement

This Item is licensed under the Creative Commons Attribution 4.0 International License.

Institution affiliated with

  • Hamad Bin Khalifa University
  • College of Islamic Studies - HBKU