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- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
CryptoCompare, a leading cryptocurrency data analysis company, has released its Exchange Review for April 2019, highlighting some positive changes in the crypto exchange industry.
The report demonstrates that monthly volumes increased by 85% with South Korean exchange, Bithumb, being the top exchange at USD 17bn. Other popular cryptocurrency exchanges such as Bitfinex, Upbit, Coinbase, Kraken, Bitstamp, and Coinsplit also experienced a surge in volumes last month. Bitfinex came third in line at USD 6.7bn despite the controversy the exchange is facing over the loss of $850 million in missing funds. This suggests that despite the legal allegations, Bitfinex is managing to mitigate the damage and remains a popular choice for crypto enthusiasts.
In terms of crypto to crypto exchanges, monthly volumes increased by 57%, with FCoin up a huge 300% and topping the rankings at USD 37.1bn. FCoin also leads the way in transaction fee mining exchanges where there was a sharp increase in volumes.
Decentralized exchanges are still lagging behind centralized exchanges and only represent 0.1% of the global market spot. Ethermium held the top spot in decentralized exchanges for greatest volumes at US 194m but still down 42%.
While decentralized exchanges (DEX) only occupy a tiny share of global exchanges, many in the industry believe they are the future. Centralized exchanges are inherently more insecure than decentralized exchanges because their servers can be targeted. We’ve seen many of these attacks in the last few years, such as the $470 million stolen from Mt. Gox. Decentralized exchanges are also more compatible with the philosophy of cryptocurrency, a permissionless system free from central control that cuts out the middleman.
Decentralized exchanges are likely to become more popular in the next few years. In April 2019, Binance announced they will be launching a decentralized exchange called Binance DEX. Binance CEO Changpeng Zhao said:
“We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community.”
Other Key Findings:
● Tether (USDT) is still dominating the other stablecoins when it comes to Bitcoin to stablecoin trading.
● In Bitcoin to fiat trading, USD is continuing to increase its share, accounting for 60 of all Bitcoin trading into fiat currency.
● Exchanges that charge taker fees account for 75.1 of total volume. Exchange charging transaction fee mining accounted for 24.6%.