Cryptowisser has added

Cryptowisser has added 79 more dead crypto exchanges to its database

Cryptowisser has added 79 more dead crypto exchanges to its database:

Cryptowisser has added 79 more firms to its database of dead crypto exchanges. Crypto service comparison has revealed that in 2021 more firms were declared than in 2020 comparatively. Out of 79 crypto exchanges, only 79 firms were banned for being a scam.

As the crypto market is growing and expanding so is the number of crypto exchanges to provide services and products related to the crypto market. Cryptowisser, a Crypto service site, has revealed a list of dead crypto exchanges in 2021. Cryptowisser has added 79 crypto exchanges to its database which contains a list of dead exchanges. It was not surprising to see that the number of closed exchanges in 2021 is more than in 2020.

Cryptowisser has added
Crypto exchanges with cross in their front are the one that were shut down

Only six exchanges were closed because it was an actual scam. If only six firms were scams, then why the number of crypto exchanges being closed is increasing. Let’s try to find the reasons behind the closure.

  • The increasing influence of crypto is forcing governments and nations to regulate the market. These regulations of countries affect the crypto exchanges of that particular country. For example, Bit-Z was shut down due to the crackdown of China on crypto.
  • While discussing the reasons behind the closure of the crypto exchanges, it would be a mistake not to mention hacking. There were three fatal hacking incidents. Atomars exchange was the firm that was the victim of the hacking.
  • The big names like Binance and KuCoin tend to acquire the users of the small crypto exchanges and swallow most of the market share of new firms. These big names become another reason for the closure of the small and new exchanges.
  • Decentralized exchanges have been pushing out centralized exchanges for quite some time. This DeFi experience can be fatal for some of the firms.

We have explored the reasons behind the closure of crypto exchanges. Cryptowisser has added 79 and we may see this number increasing in coming years. For more content click here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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