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A Year in Review: Crypto Exchange Highlights of 2023
A Year in Review: Crypto Exchange Highlights of 2023

March 1, 2024

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2023 has been a roller-coaster year for Crypto Exchanges, as they had a lot of ups and downs during the entire period.  As we say goodbye to 2023, let's take a look back at what happened in the world of cryptocurrency exchanges. In this review, we'll explore the big moments and important changes in these exchanges during the year.  

During 2023 rules about how exchanges operate also changed, affecting how they do business worldwide.  Famous exchange Binance faced a major issue this year.  But they handled the issue well and got their credibility back in a few months.  In this blog, we'll discuss how these exchanges adapted to challenges and took advantage of new opportunities. 

  1. Binance’s Breakdown

Binance, led by Zhao, pleaded guilty and agreed to pay a hefty $4.3 billion in fines and restitution to the government.  As part of the agreement, Zhao will pay a $50 million fine, step down as CEO, and potentially face up to 18 months in prison. Binance, in its plea deal, accepted the appointment of a government monitor overseeing its operations, with Zhao barred from any involvement until three years after the monitor's appointment, as per court documents.  After CZ's resignation, Richard Teng was appointed as the new CEO.

Many thought Binance would face major outflow due to this issue, But the year-end report collapsed all the negative reviews behind it.  It says Binance achieved a new record with 40 Million new users, and its P2P platform saw an 18% increase in trading volume.  Binance has set an example for all its competitors like how you should mold yourself during the hard times.

  1. Coinbase's Skyrocketing Stock 

2023 has been a good year for Coinbase Exchange, as its stock beats tech giants.  Information from Cointelegraph Markets Pro and TradingView reveals that the largest cryptocurrency trading platform in the United States reached its highest levels in 20 months this week. While Coinbase and Bitcoin saw simultaneous increases throughout 2023, Coinbase's performance is increasingly unique as the year-end approaches. 

On December 19, the company's COIN stock surpassed $162, surpassing the $4 threshold. Traders are anticipating additional upward movement as the market awaits potential approval for the first U.S. spot Bitcoin exchange-traded fund (ETF).

  1. Wazirx’s Billion Dollar Transactions

India’s Crypto Giant Wazirx exchange faced a lot of issues like regulatory compliance, and setbacks during 2023.  Even so, they adapted to new terms and gained a lot of new users and credibility.  As per their year-end report, WazirX's crypto exchange platform attracted approximately 600,000 new users, with a comprehensive analysis of user data, including age, location, traded tokens, and volumes. 

The report indicates WazirX's expanding user base and changing demographics, reaching 1 billion users by November 30th. Top traded tokens on the platform included Bitcoin (BTC), Shiba Inu (SHIB), Ripple (XRP), Ethereum (ETH), and Polygon (MATIC).  

  1. Paxful - Back with a Bang

Paxful, one of the leading P2P crypto exchanges, faced a major problem in the period of 2023 due to security reasons.  In April, Paxful temporarily closed due to safety concerns regarding customer funds amid a lawsuit by co-founder Artur Schaback. During the shutdown, the Paxful Wallet remained functional, and users were provided alternative peer-to-peer platforms. After a one-month hiatus, the Paxful marketplace has resumed operations. 

  1. Kucoin to left New York

To resolve a lawsuit brought by the state of New York, KuCoin, a major cryptocurrency exchange, will pay $22 million and block users from the state. The payment includes $5.3 million to the state and the refund of $16.7 million in cryptocurrency to 177,800 New York investors. 

As part of the settlement, KuCoin has agreed to cease trading securities and commodities in New York, aligning with increased regulatory scrutiny on fraud, money laundering, and investor protections in the cryptocurrency industry.

Conclusion

As many countries are planning to regulate cryptocurrencies, the adoption rate is also increasing and vice versa.  It makes cryptocurrencies a top-rated asset on the basis of profitable returns in 2023.  This positive approach leads to business growth related to cryptocurrency industries.  If you’re an entrepreneur who plans to start a venture in digital currencies, Cryptocurrency Exchange holds the #1 place in 2024 and beyond.   

These exchanges had a busy and changing year. They faced challenges, grew, and adapted to new rules in the crypto world.  Looking forward, they might keep changing as they deal with new rules and face competition from other options. The journey of 2023 showed how strong these exchanges can be, and it looks like there's more excitement and growth coming in the future.


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