Retail and professional traders are flocking toward lower-risk exchanges, as a report finds that the leading centralized exchanges are on the cusp of completely dominating the market.
Coinbase to increase transparency on potential 2022 listings
The firm reported that since June 2019, 54 exchanges have closed due to being uncompetitive in the market which has caused further consolidation of users to top-ranking exchanges. Additionally, China’s crackdown on crypto saw 6 Chinese-based exchanges close with the analysts adding: “As we have seen, volumes have started to become concentrated amongst the top tier exchanges, and this is a trend which is bound to continue into the future. As the industry matures, we expect there to be an oligopoly of exchanges dominating trading volumes as their traction accelerates and smaller players are left behind.”
The report surfaced some challenges which lay ahead for the cryptocurrency exchange industry, highlighting the political pressure put on exchanges to,” the analysts wrote, “this political factor is an important risk to consider for the future of exchanges.” The movement of crypto users that prefer self-custody of assets was also an issue flagged in the report. “The mantra of ‘not your keys, not your coins’ is growing stronger amid the political pressure received by exchanges,” the report states, before adding it is a “movement that could hinder the business model of exchanges.”
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