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[Symmetrick]

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[bitmover]

I can add one dead exchange to the list.

An old and reliable brazilian exchange, Braziliex
https://bitcointalk.org/index.php?topic=5339736.0

Their official announcement:
https://braziliex.com/index.php?par=comunicado_encerramento&ras=EMKT9760458D1824665DDEDE1014F7975953


I will google translate the reason they exposed for ending activities:

Entretanto, avaliamos que o risco de atuar nesse ambiente se torna ainda maior diante da entrada de novos concorrentes, bem como as incertezas existentes pela falta de regulamentação.
---
However, it is assessed that the risk of operating in this environment becomes even greater in the face of the entry of new competitors, as well as existing uncertainties due to lack of regulations.

The "new competitors" has one name: Binance.

Binance came to Brazil offering a zero fees and a wide range of cryptocurrencies that can be traded with our fiat currency (BRL). Today, binance BTCBRL trading volume is more than 50% of the total BTCBRL trading volume. All other Brazilian exchanges combined are not as big as binance... More will close here.

It is confusing. Binance is best and cheaper than all exchanges. But it is so much better that it is forcing the competitors to end activities...


Edit:
This exchange was very transparent about ending activities, a real good example of how to close a business. They made a schedule of last time to deposit and withdrawal coins and they were very clear about everything. Sad to see they closing doors.

[sheenshane]

That's a lot of exchanges platform has been shut down, how many thousands or even millions of dollars have been lost just because of them.
I suspected that because the government has forced implement KYC implementation right?  And now they just disappear in nowhere.

I thought this year, these are only exchanges that have been hacked or shut down, but the truth is there are too many of them, how sad.

• Thodex - in middle of April 2021
• Africrypt - In April 2021
• Livecoin - January 16th 2021

[The Sceptical Chymist]

If you believe the service Exchange Graveyard

Oh man, I remember that website from a long time back--or maybe it was the similar altcoin graveyard website, I can't remember.  In any case, I expect the list to just keep growing and the number of new exchanges to diminish at the same time (though I don't know if there's any data on that, I suspect someone is keeping track).  The wild west days of crypto are very slowly coming to an end, and I bet you it won't be too long before even Yobit goes out of business.  I'm sure we'll all jump for joy when that happens.

- HitBTC (Denmark). Many users report ongoing problems with withdrawing funds from the exchange:

This is the only exchange on OP's list that I knew of, because I was posting in their thread for a while as they met their demise, either through an exit scam or a hack (depends on what you believe).  They were one of the most popular out of the rest of them if I'm not mistaken and had a lot of users.  I'd visited their site before and they appeared to be a decent exchange--at least by all appearances.  It sucks that they went under, and the other ones too if they were forced to shut down because of regulators.

[Lucius]

That's a lot of exchanges platform has been shut down, how many thousands or even millions of dollars have been lost just because of them.

There is a difference between an exchange that is closed quite legitimately and whose clients have been able to withdraw their funds, and with those exchanges that have made an exit scam. For me, it is quite normal for someone to retire from a business for any reason, a crypto business is not something that has special conditions - some succeed, others simply do not succeed.

Besides, how many exchanges do you know from the OP list? At one point I thought I saw a well-known name (Huobi), but it's Hubi - that crypto exchange will surely be missed by many

[condoras]

That's a lot of exchanges platform has been shut down, how many thousands or even millions of dollars have been lost just because of them.

There is a difference between an exchange that is closed quite legitimately and whose clients have been able to withdraw their funds, and with those exchanges that have made an exit scam. For me, it is quite normal for someone to retire from a business for any reason, a crypto business is not something that has special conditions - some succeed, others simply do not succeed.

Besides, how many exchanges do you know from the OP list? At one point I thought I saw a well-known name (Huobi), but it's Hubi - that crypto exchange will surely be missed by many

I couldn't agree more with you. Indeed most of the "dead" exchanges in this list are not known but that doesn't mean that someones don't lose their funds. Besides, known or unknown, we all know the dangers that we might have by letting funds on the exchanges.
It's good though to have such a list even if we don't know most of the exchanges and hopefully we will not see in it any well-known in the future...

[Darker45]

Majority of these exchanges must have already been dead even before they reached their own graveyard. Almost all of them died unpopular. They probably didn't even reach halfway their goal before they gave up, most probably for not having attracted a significant market.

Of the list, I have only heard of Eterbase. I remember this was widely promoted here on the forum. I am a bit surprised how short-lived it was. Perhaps they weren't able to create a strong community even in their own country, Slovakia.

[Bitcoin_Arena]

Of the list, I have only heard of Eterbase. I remember this was widely promoted here on the forum. I am a bit surprised how short-lived it was. Perhaps they weren't able to create a strong community even in their own country, Slovakia.

I never get surprised about projects especially exchange that create ERC20 tokens and then head over to the bounty section to promote themselves. They don't last long.

They got hacked late last year and crypto worth $5.4M was stolen. For a small exchange I guess the hack took a toll on them

Since April, this is the message you can see on the website when you try to access it. Similar pattern to the livecoin saga


https://www.eterbase.com/announcement/eterbase-paused-operations/

[tz]

Jesus christ, that is a lot of exchanges for sure.

I would have expected maybe 2 to 3 exchanges to go bust, max. But apparently that figure is much larger.

I guess this just goes to show how important it is to retain access to your private keys. No custodial method is going to be failsafe nor will they be able to stand the test of time - not even the ones which look invicible right now. Just think about what happened to Mt. Gox.

[Lucius]

Although I have never heard of this exchange, judging by the figures of $380 million in daily trading volume on this exchange, can say that it is a fairly large exchange.

According to the information I found, this is an exchange owned by a company from Hong Kong, based in the Republic of Seychelles - and $380 million is more than certainly a false figure, because as we know from the past, the Chinese faked their volumes and displayed them completely unrealistic.

If we look at what some of the popular review sites say about them, then the common name is SCAM - and what allegedly happened was probably an exit scam.

https://www.trustpilot.com/review/bilaxy.com

[bbc.reporter]

@Ratimov. This might be offtopic, however, how much monthly costs do successful exchanges have compared against their inflow of revenues? Do you reckon exchanges similar to FTX might have very high overhead which might make their token a very good hold during bear markets?

[dkbit98]

In 2022, 28 exchanges were recorded that ceased their activities: Exchange Graveyard.

Most of this exchanges I never heard about, but I think this number is going to be even higher in 2023, especially if Bitcoin price continues to go down.
We could see few exit scams, many exchanges will stop to operate because of low volume, and some of them could end up like FTX if they have their own worthless tokens.
I just checked CoinGecko and Kucoin is currently on second place for volume and rating, just below Coinbase, but somehow I don't trust them very much and there are some rumors for some time about Kucoin.
My next prediction for bigger exchange to collapse is Crypto.com.

[buwaytress]

Amazed I recognise a couple of names there -- FTX notwithstanding. Scam exchanges plenty more, I could probably scour my Telegram for dozens if I didn't delete messages heh. You know those kinds, advertising "arbitrage" opportunities (buy at Binance, sell at X exchange).

Nuri/Bitwala is probably one of the biggest in my book. FTX and associated collapses were all related to liquidity, Bitwala was just a casualty of global recession (and that to me says something).

[The Sceptical Chymist]

Amazed I recognise a couple of names there -- FTX notwithstanding.

I'm still waiting for Yobit to appear on a year end list like this, but they somehow miraculously seem to stay afloat.  They've got to be operating out of some Russian jerkoff's basement or something, with no staff but some slob in his underwear.

And yeah, I only recognized Crex24 and even with that exchange I wasn't really familiar with their operation.  Crazy how many tiny exchanges there are out there. 

Bitcoin of America?  What a horrible play on a big bank's name.  They must have had no customers or were a straight-up scam.

[examplens]

My next prediction for bigger exchange to collapse is Crypto.com.

they also seem the riskiest to me. I often see their advertisements at very expensive events. With all their problems with reserves, it seems to me like a desperate need for new users and fresh investors' money.

I'm still waiting for Yobit to appear on a year end list like this, but they somehow miraculously seem to stay afloat.  They've got to be operating out of some Russian jerkoff's basement or something, with no staff but some slob in his underwear.

Yobit uses a completely different method of managing user funds. all funds are always under their control, they do not place them on other services with higher interest, and they don't invest in dubious tokens, they create them themselves.
As their reputation is quite damaged, they no longer have the capacity to create a boom and attract large investors, that's why they decided to work with smaller amounts of money (compared to FTX, Celsius, etc...) but in the long term.

[buwaytress]

Amazed I recognise a couple of names there -- FTX notwithstanding.

I'm still waiting for Yobit to appear on a year end list like this, but they somehow miraculously seem to stay afloat.  They've got to be operating out of some Russian jerkoff's basement or something, with no staff but some slob in his underwear.

Yobit probably folded several times (in terms of not having enough liquidity) but they're also a scam exchange running blatant ponzis with their investbox and dice... and their ICO services (pay X amount, get your shitcoin listed immediately as an investbox).

So they'll be around for as long as their owner(s) are happy with whatever they can scrounge =D

Don't ask me how I know so much about them, haha.

[Kryptowerk]

[...]
For example, since 2021, the following exchanges have been inoperative:

Code:

Vinex Network (Singapore)
6x (Singapore)
UniDAX (Singapore)
KuMEX (Singapore)

Gobaba (UK)
Swiftex (UK)
Rfinex (UK)
TokensNet (UK)

HB.top (Hong Kong)
Hubi (Hong Kong)
LongBit (Hong Kong)
Bitsdaq (Hong Kong)

C2CX (China)
LakeBTC (China)

Vebitcoin (Turkey)
Sistemkoin (Turkey)

Metal X Exchange (Estonia)
Ternion (Estonia)

Covesting.io (Gibraltar)
GBX Digital Asset Exchange (Gibraltar)

BBX (Malta)
Einax (Malta)

Eterbase (Slovakia)
Bitit (France)
ACX (Australia)
iCE3 (South Africa)
USD-X (USA)
CoinX.pro (Seychelles)
Bitmaszyna (Poland)
COINBIG (Cayman Islands)
Trade by Trade (Belize)
UPEX (Bahrain)
CCXCanada (Canada)
dex.blue (Unknown)

[...]

Was expecting a lot more exchanges than covered by mainstream media to be bankrupt - but your list looks even worse than I imagined.
Maybe @Ratimov can update OP for 2022 and also add dates / tiny info on each exchange to make for a more complete summary. This is a very interesting topic and could be a great reference thread.

[Bitcoin_Arena]

Was expecting a lot more exchanges than covered by mainstream media to be bankrupt - but your list looks even worse than I imagined.
Maybe @Ratimov can update OP for 2022 and also add dates / tiny info on each exchange to make for a more complete summary. This is a very interesting topic and could be a great reference thread.

Not sure if he will be able to give timely updates about the different exchanges that have collapsed, stopped operations or rebranded, but I think in the OP he was just giving an example from 2021-2022 basing on the Exchange graveyard site.

If one wants to check the full list, they should check out cryptowisser.com (https://www.cryptowisser.com/exchange-graveyard/). They seem to be dedicated to tracking exchanges.