75 Crypto Exchanges have shut down since this year started and hasn't even ended

[aioc]

And yet there are still many developers that's thinking that they can make it big in the exchange industry, some of these exchanges are launching a crowdfunding, people should not support this, because there  are exchanges right now stable exchanges that did not launch a crowdfunding compared to those who launch one, we are ok with big exchanges now, if a new one is coming they should prove themselves first.

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[ultrloa]

And yet there are still many developers that's thinking that they can make it big in the exchange industry, some of these exchanges are launching a crowdfunding, people should not support this, because there  are exchanges right now stable exchanges that did not launch a crowdfunding compared to those who launch one, we are ok with big exchanges now, if a new one is coming they should prove themselves first.

If something like this occurred and ask for funds to the people before they can officially lunch then we shouldn't support any of them since for sure it will end up something like scamming since for sure they will not last long and those claims to become big will not gonna happen.

That's why we need to go on old or if there's new we should check the reliability and transparency.

[buwaytress]

to be fair, the vast majority of those are no-name exchanges with very little volume---not exactly significant. there were 5 names that i recognized: HBUS, the pit, virwox, cobinhood, and IDAX.

virwox, cobinhood, and IDAX are no surprise. virwox got hacked many years ago and never recovered. i'm surprised they were still around at all. HBUS (huobi's USA platform) never gained traction.

i was surprised to see the pit (blockchain.com's new exchange) listed, then i realized it was just rebranded to blockchain.com exchange. since re-brandings are included on the list, 75 might be an exaggeration.

I don't know if I should be embarassed of myself but I can name right off the top of my head 4/5 exchanges NOT in that list that I know failed (I should say scam since they just died quiet deaths) but yeah, insignificant volumes probably is the precise reason they died anyway. I didn't know about HBUS but I actually signed up on 3 different Huobi platforms (client requirement), and at least one died, they had to reintegreate into Huobi global for some of them I believe.

[Bitcoin_Arena]

i was surprised to see the pit (blockchain.com's new exchange) listed, then i realized it was just rebranded to blockchain.com exchange. since re-brandings are included on the list, 75 might be an exaggeration.

Rebrands are mostly on the part of Exchanges that voluntarily shutdown or made an announcement to customers before shutting down, and they are about 4 of them, so I think the number is fair enough given that the vast majority are them that disappeared without a warning or exit scammed.

Is there any stats on how many users were affected or how much money was lost with those exchanges that disappeared without warning?

Those stats are hard to collect, so I don't think we have any. Because, most of the scam exchanges  fake volume and just disappear without a trace. It's only a few people who come out to make scam accusations or reviews while a majority of them just go silent.

[dunfida]

And yet there are still many developers that's thinking that they can make it big in the exchange industry, some of these exchanges are launching a crowdfunding, people should not support this, because there  are exchanges right now stable exchanges that did not launch a crowdfunding compared to those who launch one, we are ok with big exchanges now, if a new one is coming they should prove themselves first.

If something like this occurred and ask for funds to the people before they can officially lunch then we shouldn't support any of them since for sure it will end up something like scamming since for sure they will not last long and those claims to become big will not gonna happen.

That's why we need to go on old or if there's new we should check the reliability and transparency.

When someone do tends to build and exchange platform then its just really not appealing for having some ICO's or some sort because if we do look back on how those
known and popular exchange now where they do start up without needing those which basically means that they are financially capable which is really a strong indication
that this might be a serious one that someone should looked for but for those who do ask out for some investment or funding then its better to ignore and yet
those sweet promises and assurances came out from their mouth would really just vanished into thin air when those money accumulated had been scammed.

Out for those exchange been mentioned, i havent even known majority of them and due to lack of liquidity then its no surprise that they would just disappear without saying anything.

[jademaxsuy]

Probably those exchanges that has been shutting down are those exchanges that has not yet established or had been start so low that it was not able to compensate the needed things in the operation.

I think users that has Bitcoin will not going to trust exchanges that has no good feedback or review or exchanges that are not so good like those establish cryptoexchges. Some of the cryptoexchages are from those ICO projects that has only low funds that could help them somehow if they got a good support from its community.

[smyslov]

I think users that has Bitcoin will not going to trust exchanges that has no good feedback or review or exchanges that are not so good like those establish cryptoexchges. Some of the cryptoexchages are from those ICO projects that has only low funds that could help them somehow if they got a good support from its community.

They cannot keep up with the competition or lacks the proper marketing to attract more traders, exchanges are multi-million dollar business and it's also the favorite target of hackers and scammers and once a small exchange is hacked, it's the end of the line for them if a start up exchange cannot attract in its first five months I don't think they can continue their operations.

[welovedcrypto]

HotBit turned into scam? It was surprising news for me. I thought they are one of the trusted exchange site. Why this sites "Just Disappeared"? They might be scam or they turned into scam while closing their site.
Soon sites like P2PB2B will be in this list under scam or just disappear lol

[plast555]

HotBit turned into scam? It was surprising news for me. I thought they are one of the trusted exchange site. Why this sites "Just Disappeared"? They might be scam or they turned into scam while closing their site.
Soon sites like P2PB2B will be in this list under scam or just disappear lol

I got surprised too seeing that they stated that hotbit is a scam. they've made some accusations about hotbit's govt registrations. I have been using hotbit for over 2 years (not regularly but just to sell coins when needed) and I've never had any problem. they say some people complained about their widhdraw problems.
this is true and I completely agree that we should never 100% trust any exchange and don't use it as a wallet to store our coins/tokens for long term. exchanges are good only for buying selling and then cashing out.

[pooya87]

My hunch is that many of these exchanges were part of the sudden influx of exchanges in 2016-2018, the time when thousands and thousands of tokens flocked the crypto market. Now, with so many altcoins dead and trading volumes of those which remained are terribly falling down, profits are also decreasing, definitely touching rock bottom to a lot.

Or perhaps the crypto market is too small to accommodate all of them, considering that the largest pieces of the pie are only divided among few exchange monopolies.

In other words, it must have something to do with profit, at least to many of them, which is not mentioned in the article. Operating and maintaining a crypto exchange might not be a profitable undertaking anymore that's why they are forced to voluntarily shut down. This must also explain the very high count of abandoned exchanges, those MIA. They wouldn't have been abandoned in the first place had they been providing juicy income to the owners.

this would be my conclusion also.
there are some people who think just because something is profitable they can also make profit if they enter that scene, but since they have no understanding of the business aspects of it, have no experience in running a successful business, are too lazy to work on it and improve it,... they simply fail. we even saw some discussion on bitcointalk with someone who was trying to build an exchange and had no understanding of the business aspects!

we see the same thing in different fields too. for example a couple of years ago there was "dice site fever" and within a couple of months we saw dozens of new dice sites be created and 99% of them failed and died.

there is also another problem in the exchange business which is people stick to the big exchanges even if they are the shittiest and shadiest services. for now the Binance exchange has taken over the altcoin market and practically controls it so there is no room for an alternative which is another reason why any new poorly designed exchange fails.

[noorman0]

I think only time has shown a viable exchange against the user with its various impressions leaving the best. I don't know which exchanges closed, but but I'm sure most of them started out during the first hype of new projects in 2017. And in essence even though in the end there will be 10 crypto exchanges left in the world, trading will still go on and volume will still go with the flow.

[pilosopotasyo]

Those on the list are those already operating but there there could be more there are exchanges that launch an ICO to fund their platform and they got millions but now they run away with investor's money, some of these are Xera, Adab and many more to mention, investors should never invest on projects that are related to exchanges they will just scam you.

[Darker45]

Those on the list are those already operating but there there could be more there are exchanges that launch an ICO to fund their platform and they got millions but now they run away with investor's money, some of these are Xera, Adab and many more to mention, investors should never invest on projects that are related to exchanges they will just scam you.

Way back during the time when the ICO trend was at its peak, investors were pouring in billions of money to so many kinds of crypto projects. Crypto projects back then were so diverse that they seem to cover almost all aspects of our daily lives. Of course, we all know most of them died. Even those which were able to gather tens of millions.

I'm not sure if my memory still serves me right but I used to observe that a number of crypto projects suddenly shifted to creating exchanges when in fact they started off with a different niche. They suddenly released a product not in line with their original objective and roadmap. I guess they are already included in the list of dead crypto exchanges.

[Saisher]

I'm not sure if my memory still serves me right but I used to observe that a number of crypto projects suddenly shifted to creating exchanges when in fact they started off with a different niche. They suddenly released a product not in line with their original objective and roadmap. I guess they are already included in the list of dead crypto exchanges.

There used to be a time when so many ICO are based on exchanges, because of the huge success of Binance but unfortunately these ICO based exchanges cannot keep up with their platform and they choose to scam their investors, by one these exchanges run away with investors money from, so people should stop investing in ICO based exchange, I participated three on them, I will not mentioned because I'm hoping to get my token when they unlock it.

[sheenshane]

Way back during the time when the ICO trend was at its peak, investors were pouring in billions of money to so many kinds of crypto projects. Crypto projects back then were so diverse that they seem to cover almost all aspects of our daily lives. Of course, we all know most of them died. Even those which were able to gather tens of millions.

Because it might a part of the competition, crypto exchange is a business that if the owner or the team will poorly manage it will result in a failed business.
In order for them to survive, there should be a good service or good quality as a product that the traders were surely looking for and stay on exchange.  But then if not, they will surely bankrupt and won't survive, this case is different from the fraudulent exchange and scamming cases which are also forcibly closed by the government.

But now, the Defi trend that makes a decentralized exchange have good services offered to avoid problems like CEX that commonly close.  Let see where it goes or those Defi exchange will survive in the long run.

[Lanatsa]

I'm not sure if my memory still serves me right but I used to observe that a number of crypto projects suddenly shifted to creating exchanges when in fact they started off with a different niche. They suddenly released a product not in line with their original objective and roadmap. I guess they are already included in the list of dead crypto exchanges.

There used to be a time when so many ICO are based on exchanges, because of the huge success of Binance but unfortunately these ICO based exchanges cannot keep up with their platform and they choose to scam their investors, by one these exchanges run away with investors money from, so people should stop investing in ICO based exchange, I participated three on them, I will not mentioned because I'm hoping to get my token when they unlock it.

I haven't tend to make out some investment when it comes to exchange platforms that do run out some ICO's and that one saved my ass.

Take a look into those established and known exchangers at the moment which you can tell that their financially capabled on this business without needing any support or funding
when they started up which you can presume out that they aren't similar into those who do ran an ICO.

Market is fierce and getting support or being recognize is the hardest part of all.

[Chrystora123]

I think 75 is not the right amount, I feel it is more than 100 exchanges.  The competition between exchanges is already very tight, those that do not have strong connections and large backup funds will die..

@The Pharmacist, Here is the list of 34 exchanges that disappeared with no explanation. South Korea and Hong Kong seem to be leading the pack.

01. Unichange - Saint Vincent and the Grenadines
02. Crypto Dao - UK
03. BTCbear - Estonia
04. 3XBIT - Brazil
05. CredoEx - USA
06. Purcow - Hong Kong
07. CoolCoin - Australia
08. ZG.top - Mongolia
09. Coinrate - UK
10. ICOCryptex - Netherlands
11. LEOxChange - UAE
12. IDAX - Mongolia
13. TOPBTC - Australia
14. ChaoEX - Hong Kong
15. CoinMex - Belize
16. 55 Global Markets - USA
17. CoinZest - South Korea
18. CryptoDerivatives - Unknown
19. Coinfinit - South Korea
20. Nexybit - South Korea
21. South Korea - Unknown
22. BitBegin - Nigeria
23. TiDeal - Hong Kong
24. LBank - Hong Kong
25. Coinrail - South Korea
26. BitHash - Seychelles
27. QBTC - Cayman Islands
28. Efin.cx - Hong Kong
29. Bitrush - Netherlands
30. FUBT - Hong Kong
31. TokenJar - Unknown
32. CashFinex - Estonia
33. Krypto Connection - UK
34. Coinchangex - Morocco

Honestly, I never used any of the exchanges on this list "LOL"..

[ultrloa]

I think 75 is not the right amount, I feel it is more than 100 exchanges.  The competition between exchanges is already very tight, those that do not have strong connections and large backup funds will die..

@The Pharmacist, Here is the list of 34 exchanges that disappeared with no explanation. South Korea and Hong Kong seem to be leading the pack.

01. Unichange - Saint Vincent and the Grenadines
02. Crypto Dao - UK
03. BTCbear - Estonia
04. 3XBIT - Brazil
05. CredoEx - USA
06. Purcow - Hong Kong
07. CoolCoin - Australia
08. ZG.top - Mongolia
09. Coinrate - UK
10. ICOCryptex - Netherlands
11. LEOxChange - UAE
12. IDAX - Mongolia
13. TOPBTC - Australia
14. ChaoEX - Hong Kong
15. CoinMex - Belize
16. 55 Global Markets - USA
17. CoinZest - South Korea
18. CryptoDerivatives - Unknown
19. Coinfinit - South Korea
20. Nexybit - South Korea
21. South Korea - Unknown
22. BitBegin - Nigeria
23. TiDeal - Hong Kong
24. LBank - Hong Kong
25. Coinrail - South Korea
26. BitHash - Seychelles
27. QBTC - Cayman Islands
28. Efin.cx - Hong Kong
29. Bitrush - Netherlands
30. FUBT - Hong Kong
31. TokenJar - Unknown
32. CashFinex - Estonia
33. Krypto Connection - UK
34. Coinchangex - Morocco

Honestly, I never used any of the exchanges on this list "LOL"..

Maybe we didn't notice those small exchange close down and I also believe that there are more shutting down due to some reasons.

But I don't really care about that thing as long as the binance and okex are still running then everything is fine, and also as we can see it didn't have any effect on Bitcoin so it's a good thing to see this since we can determine which exchange are strong and which are not and luckily we avoid those upcoming exchange scams.

[Bitcoin_Arena]

I think 75 is not the right amount, I feel it is more than 100 exchanges.  The competition between exchanges is already very tight, those that do not have strong connections and large backup funds will die..

It's the list of exchanges that shut down since the beginning of 2020, That's no small number mate. If you are looking for the overall number of exchanges that have shut down through the years then the number is well way above 75. As we speak 2 more exchanges have been reported to have shutdown from the time I created the OP
This link might be of interest to you https://www.cryptowisser.com/exchange-graveyard

[Darker45]

Maybe we didn't notice those small exchange close down and I also believe that there are more shutting down due to some reasons.

But I don't really care about that thing as long as the binance and okex are still running then everything is fine, and also as we can see it didn't have any effect on Bitcoin so it's a good thing to see this since we can determine which exchange are strong and which are not and luckily we avoid those upcoming exchange scams.

I'm a little bothered by this actually. If the only crypto exchanges running are the ones which are owned by Changpeng Zhao and Jay Hao, just by the sound of these names, I would already be a bit troubled that the Chinese hegemony has already infiltrated cryptocurrency.

I'd rather see the crypto field without monopolies. I'd rather see thousands of relatively smaller crypto exchanges evenly scattered all over the world on more or less equal footing rather than the small ones dying one after another and only a handful giants remain.

I guess it is also much safer this way.