More than 15% of users of the world’s major cryptocurrency exchanges are Russian citizens, as found out by the researchers from BDCenter agency. The analysts have also noticed that divergence between real and declared income is quite a common story for crypto exchanges. Their trading revenues by far exceed their profits from listing new tokens. Of 30 platforms surveyed, 13 have tokens of their own.
BDCenter conducted a study of 30 largest cryptocurrency exchanges, namely, Binance, Okex, Huobi, Bitfinex, Upbit, Zb.com, Hitbtc, Coinbase, Kraken, Coinex, Ibank, Bitforex, Bibox, Bit-z, Bitstamp, Bittrex, Bcex, Digifinex, Coinbene, Bitbank, Simex, Exx, Gate, Oex, Coinsuper, Topbtc, Poloniex, Wex, Gemini, and Coinsbank. In some cases, several additional platforms, like Wcex, Radarrelay, Exmo, Ethfinex and others, were also taken into consideration.
Here below are the report’s key findings:
• Russia ranks second in the list of countries with the greatest number of crypto traders. This finding was made through cryptocurrency exchange user account analysis and other studies. The percentage of Russian crypto exchange users reaches 15%, with Chinese ranking next (11%), and closely followed by Vietnamese (11%), Turks (7%), Brazilians (5.46%) and Ukrainians (4.3%). U.S. residents form a strong 30% majority here.
• 9 out of 30 major crypto exchanges have Russian versions of their websites.
• Most traded cryptocurrencies are bitcoin, ether, ripple, bitcoin cash and litecoin.
• The exchanges operate with 2-3 fiat currencies on average.
• 13 exchanges out of 30 have fiat gateways (Bitfinex, Upbit, CoinBase, Kraken, Bitstamp, Bitbank, Simex, Bitflyer, OEX, CoinSuper, TOPBTC, WEX, Gemini).
• Main revenue comes from exchange fees, not token listing. Binance ($148 million), EXX ($58 million), Bitfinex ($46 million), Coinbase ($38.7 million), Gemini ($28 million) are the most profitable crypto exchanges in this respect. Huobi ($17.5 million), Coinsuper ($9.5 million), Bit-Z ($5.3 million), Binance ($5 million), Coinbene ($3.6 million) top the list of most profitable exchanges in terms of listing. Therefore, if we take, say, Binance, its trading revenues exceed its profits from listing new coins by almost 30 times.
• Most of the exchanges analyzed have their offices in several countries. China is the most popular jurisdiction due to local regulatory requirements, with every third exchange studied having an office there. The U.S. go next (6 offices), closely followed by Singapore (5 offices).
• Hong Kong proves to be the most common location for headquarters (6), with San Francisco and Las-Vegas ranking second (hosting 2 headquarters each).
• 13 out of 30 exchanges issue their own tokens.
• 29 exchanges out of 43 demonstrate discrepancy between their effective and declared turnovers. Small difference was detected for CoinEx, LBank, ZB.COM, Huobi and OKEx, the latter two having more than $1 million-large disparity.
The experts from BDCenter have also singled out two global development trends for crypto exchanges, that is, the creation of decentralized exchanges (DEX) or hybrid exchanges (HEX). Local exchanges which tend to focus on certain regions have also been growing in number.