More Than 75 Crypto Exchanges Have Closed This Year
Seventy-five crypto exchanges have shut down through the first three quarters of 2020, a pace exceeding prior years. These closures stemmed from multiple causes: security breaches, fraud schemes, volu
Seventy-five crypto exchanges have shut down through the first three quarters of 2020, a pace exceeding prior years.
These closures stemmed from multiple causes: security breaches, fraud schemes, volu
Seventy-five crypto exchanges have shut down through the first three quarters of 2020, a pace exceeding prior years. These closures stemmed from multiple causes: security breaches, fraud schemes, voluntary winding down, and government enforcement.
Four exchanges, including the Italian platform Altsbit, collapsed after suffering major hacks. Five more closed once regulators identified them as frauds. Another 31 ceased operations of their own accord. The remainder simply vanished without explanation.
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Two governments took direct action. The Netherlands shut down NLexch. Chile closed Chilebit.
Analysts identify two drivers behind the exodus. Traders migrated toward decentralized exchanges and DeFi protocols, pulling volume away from traditional platforms. Governments tightened compliance standards, and many smaller operators lacked the resources to meet them.
BitMEX faces an uncertain future. US prosecutors charged multiple executives with crimes. Traders also withdrew $500 million in bitcoin from the exchange between September 30 and October 3, signaling eroding user confidence.
KuCoin suffered the most direct blow. Hackers stole $200 million from the exchange. The company recovered and resumed operations.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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·Aubrey Swanson
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