Some 75 cryptocurrency exchanges go under in 2020 so far

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Updated September 21, 2022 | Published October 7, 2020

2 mins read

The reason for suspending operations vary.

Some operators have opted out voluntarily while others were scams and forced out.

Two of those less reputable establishments were Altsbit and Nerae which were debunked and quickly ostracised by the community leading to their inevitable demise.

Some 31 exchanges simply shut down, Crypto Wisser Exchange Graveyard reported, and another 34 just went under the radar, without any reason why.

While the disappearance of so many exchanges all at once may seem a little disconcerting at first, it's not.

Macro trends, such as the growth and rise of decentralised finance, explain why smaller operations are simply having a hard time keeping up.

Regulators are also rolling up their sleeves and hammering out stricter frameworks.

In the UK, the Financial Conduct Authority is rolling out a new ban that would ban trading, marketing and distribution of crypto derivatives to retail customers come January 6, 2020.

In the meantime, BitMEX and KuCoin are facing new allegations and complications with their operations.

KuCoin, a Singapore-based exchange, was hit by cyber-attack which cost it a pretty penny with $200million in crypto assets hijacked out of the exchange as audits continue to identify the origin of the hack and the way it was delivered.

Meanwhile, blockchain gaming operations have proliferation.

Casinos in particular have proven a worthwhile way to spend cryptocurrencies for recreational purposes, with Bitcasino, 1xBit and CasinoFair leading the way.

Love to gamble with crypto? We’d love if you took a couple of minutes to tell us about your favourites in our CGN survey

David

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.

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