Bitfury’s Crystal Research Reveals UK and US Are Hotbeds For Cryptocurrency Exchanges
Crypto exchanges are increasingly growing in popularity. Exchanges are also becoming country-specific, Binance’s proposed launch of a US exchange is evident of that.
In a study titled “Report on International Bitcoin Flows 2013–2019” Bitfury’s blockchain analytics platform Crystal shows that the UK, the US, Hang Kong, and Singapore have the largest number of registered exchange.
Exchanges included in this study had a good level of activity completing at least 1,000 transactions to date.
They predominantly focused on exchanges from the “G20 & Other” group. This is due to the large number of exchanges registered in these countries, as well as the recent G20 announcement of its support for the FATF customer data-sharing recommendation. The report states:
“In 2018, the total volume of bitcoin directly transferred between exchanges was almost $92.6 billion. A total of $65.1 billion was transferred by exchanges from G20 countries, Hong Kong, and Singapore.”
The U.S. is undoubtedly one of the global leaders when it comes to crypto adoption and use. As things stand, investors have the option of purchasing not only Bitcoin but over 45 other digital assets across the country. On the other hand, UK is widely considered to be a global leader when it comes to crypto adoption and innovation.
The study predicts that the number of exchanges operating with unknown countries of origin will reduce, as under the FATF guidelines they will need both an official registration as well as a license to operate.