Exchanges That Closed/Shut Down in 2020

RealMalatesta

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Quote from: so98nn on January 02, 2021, 07:39:45 AM

Quote from: hugeblack on January 02, 2021, 02:57:11 AM

Google will give you more details about these topics and these links can give you some data:

- 43 bitcoin exchanges that are no longer with us
- 75 crypto exchanges have closed down so far in 2020

Most platforms die due to poor trading volumes, breaches, poor development, KYC, and more.
If you want to trade long or short term on any platform, it is best to use popular platforms with high trading volumes, otherwise use decentralized platforms.

Yes, I have seen one exchanger particularly failing because of poor trading volume and also poor listing of the coin.

What kind of coins are listed on those exchanger makes huge difference. Like, this exchanger named towerx was thought to be very cool and they had launched their ICO with amazing start, promotions, got big investors involved and more. But after a year we saw that they don't have proper listings on them. It means not much investors getting involved into it thus making it fall on its own roots.

This is why the list of "no longer exchangers" is getting bigger and bigger every year.

There are also the ones that "exit scammed" as well, we should not forget about that. I remember very clearly about idax.pro as well, that was one that had one of the tokens I had, and those dudes literally said our CEO went awol and we no longer have connection to any of our cold storage so your money is gone, simple as that, nobody even considered what would happen if he just died neither.

So long story short there are tons of reasons why exchanges close, but the main factor is always the team no matter what the underlying reason is said, you could always say that it was bad volumes, but that ties to owners not spending enough on marketing, you could say safety, but it could be owners not spending enough on safety, it could be anything you name and I can tie that to team not being good enough and owners not caring about the exchange enough.

suzanne5223

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Quote from: hugeblack on January 02, 2021, 02:57:11 AM

Google will give you more details about these topics and these links can give you some data:

The list of vaporized exchange sites is more than that cause exchange like chaoex etc which shutdown without any notice is not included.

Quote from: hugeblack on January 02, 2021, 02:57:11 AM

If you want to trade long or short term on any platform, it is best to use popular platforms with high trading volumes, otherwise use decentralized platforms.

A decentralized platform is the better exchange to use cause we cant say exchanges like Mt Gox weren't popular or have high trading volumes when the issue happens then. I believe keeping funds for a long term on a centralized exchange is never an option.

gina1980

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Even this list does not mention btc-e which was hacked , i lost 2 btc because the exchange was shut down

rhomelmabini

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Quote from: hugeblack on January 02, 2021, 02:57:11 AM

- 43 bitcoin exchanges that are no longer with us

Among the list from this article, I think MtGox, Cryptopia, and QuadrigaCX are the only exchanges that ring a bell as they really make a noise in the crypto community. I think this may not be the last of all the exchanges that may surprise us for a possible shutdown but everything is possible even if we think the exchange/s is unlikely to do that.

Quote from: logfiles on January 02, 2021, 09:35:16 AM

The list categorized the exchanges in 5 groups
1. Voluntarily shutdown
2. Bought off or rebranded
3. MIA/Just disappeared/Exit SCAM
6. Hacked
5. Shutdown by Government

The hacks are the common one and likely exploited even some tend to be a rumor of an inside job.

logfiles

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If you interested in tracking exchanges that were shut/closed in 2020. You can use crytowisser's Exchange graveyard list

The list categorized the exchanges in 5 groups
1. Voluntarily shutdown
2. Bought off or rebranded
3. MIA/Just disappeared/Exit SCAM
6. Hacked
5. Shutdown by Government

so98nn

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Quote from: hugeblack on January 02, 2021, 02:57:11 AM

Google will give you more details about these topics and these links can give you some data:

- 43 bitcoin exchanges that are no longer with us
- 75 crypto exchanges have closed down so far in 2020

Most platforms die due to poor trading volumes, breaches, poor development, KYC, and more.
If you want to trade long or short term on any platform, it is best to use popular platforms with high trading volumes, otherwise use decentralized platforms.

Yes, I have seen one exchanger particularly failing because of poor trading volume and also poor listing of the coin.

What kind of coins are listed on those exchanger makes huge difference. Like, this exchanger named towerx was thought to be very cool and they had launched their ICO with amazing start, promotions, got big investors involved and more. But after a year we saw that they don't have proper listings on them. It means not much investors getting involved into it thus making it fall on its own roots.

This is why the list of "no longer exchangers" is getting bigger and bigger every year.

gina1980

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yes there are few good p2p escrow exchanges like LBC , and i also use one of them , so far so good, its coinbaazar.com

boyptc

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Quote from: gina1980 on January 02, 2021, 04:11:31 AM

I believe now its time for p2p exchanges or dex

There has been existing p2p and dex out there.

It's only that they lack support from the community but they are existing. That is only a matter of time until many users will realize that using them will benefit them.

But there are still some good centralized exchanges that proved to be reputable and maintains their status.

Saisher

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Quote from: hugeblack on January 02, 2021, 02:57:11 AM

Google will give you more details about these topics and these links can give you some data:

- 43 bitcoin exchanges that are no longer with us
- 75 crypto exchanges have closed down so far in 2020

Most platforms die due to poor trading volumes, breaches, poor development, KYC, and more.
If you want to trade long or short term on any platform, it is best to use popular platforms with high trading volumes, otherwise use decentralized platforms.

That's a huge number already, not to mention those ICOs that are exchange based that failed to launch their platform, exchanges are multi million dollar industry, but the competition is very stiff, if the exchange has bad reports and it's lacking volume and marketing better trade on popular and highly reputable exchange than risk your money.

btc_angela

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Quote from: gina1980 on January 02, 2021, 04:11:31 AM

Quote from: hugeblack on January 02, 2021, 02:57:11 AM

Google will give you more details about these topics and these links can give you some data:

- 43 bitcoin exchanges that are no longer with us
- 75 crypto exchanges have closed down so far in 2020

Most platforms die due to poor trading volumes, breaches, poor development, KYC, and more.
If you want to trade long or short term on any platform, it is best to use popular platforms with high trading volumes, otherwise use decentralized platforms.

I believe now its time for p2p exchanges or dex

Yeah, but there are still the questions of liquidity and trade volumes that why it doesn't cornered traders. And so as much as CEX requires us KYC and other stuff just to withdraw huge amount, people are still flocking them and not looking at DEX.

P2P will still be there, but not sure if traders are going to shift, people still prefer the faster and more robust design of CEX in my opinion.

gina1980

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Quote from: hugeblack on January 02, 2021, 02:57:11 AM

Google will give you more details about these topics and these links can give you some data:

- 43 bitcoin exchanges that are no longer with us
- 75 crypto exchanges have closed down so far in 2020

Most platforms die due to poor trading volumes, breaches, poor development, KYC, and more.
If you want to trade long or short term on any platform, it is best to use popular platforms with high trading volumes, otherwise use decentralized platforms.

I believe now its time for p2p exchanges or dex

hugeblack

legendary

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Google will give you more details about these topics and these links can give you some data:

- 43 bitcoin exchanges that are no longer with us
- 75 crypto exchanges have closed down so far in 2020

Most platforms die due to poor trading volumes, breaches, poor development, KYC, and more.
If you want to trade long or short term on any platform, it is best to use popular platforms with high trading volumes, otherwise use decentralized platforms.

gina1980

jr. member

Activity: 158

Merit: 1

Hi just came across this topic to know and share which bitcoin exchanges that closed down in 2020 , and if you know please mention to make everyone aware , also please if you know the reason , like hacked, or scam ,or any other reason if you know would be helpful for all.

I know

NLexch,

Chilean Chilebit

These 2 were shut down due to govt regulations

Topic: Exchanges That Closed/Shut Down in 2020 (Read 165 times)